In such schemes, long-familiar individuals utilize their prominence to promote a cryptocurrency and so boost its monetary value, while simultaneously planning a big sell-off of their remaining provide of the coin at the “ inflated ” monetary value. Ben Phillips, a former Safemoon influencer, has been charged with orchestrating a $ 12 million pump and shit fraud. He is accused of promoting Safemoon through his determine while concurrently selling millions of tokens .
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SafeMoon has been embroiled in extra controversy as YouTuber Stephen Findeisen, a.k.a. “ Coffeezilla, ” makes the charges against Phillips, the company ’ s former head market officer .
Making Millions Of Bucks On Safemoon
Ben Phillips, a UK-based influencer best known for his prank video, has over 4 million YouTube subscribers and, like many other influencers, has been profoundly immersed in the worlds of cryptocurrencies and NFTs .
Phillips has frequently shared and spoken about Safemoon — an altcoin project on the Binance Smart Chain ( BSC ) — but this could be the reference of all the complications .
Phillips was constantly selling his Safemoon for millions of dollars, according to Coffeezilla ’ s probe, after pumping it through his social media networks and watching the price climb.
BTC total market cap at $761.15 billion on the daily chart | Source: TradingView.com
Blowing His Cover
Phillips published his wallet data with supporters in a Tweet on April 12 last year, asking that they pay for his Starbucks. This leave internet spy Coffeezilla to investigate a gratuity he ’ vitamin d received as share of a larger inquiry into the ill-famed deceitful investment game token SafeMoon .
additionally, the YouTuber included images of all tweets in which Phillips made like remarks, arranged chronologically, deoxyadenosine monophosphate well as specific information about his dumps and even important BscScan URLs that track his transactions .
Phillips purchased SafeMoon on PancakeSwap for $ 4 million in March and sold it for $ 16 million in December, according to CoffeeZilla ’ s calculations – netting him a big $ 12 million profit.
Not So Safe
SafeMoon launched in March 2021 and immediately gained tens of thousands of percentage. however, in December 2021, the team launched a Version 2 condense at a different compress address, thereby terminating the Version 1 contract .
meanwhile, Phillips has removed the majority of his posts and his Twitter treat now appears to be ampere new as a daisy. He has by and large used harsh linguistic process in his tweets, including one in July last class in which he wished a Safemoon giant would “ be hit by a bus. ”
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Featured image from Watcher Guru, chart from TradingView.com
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