lawsuit against Jake Paul, Soulja Boy to pump & Dump safemoon coin
A lawsuit has been filed against many promoters of Safemoon coin, allegedly promoting the project in misleading ways.
The safe moon is the 214th ranked crypto asset in the crypto Industry by 24 hours trading volume. In the very starting, this project grabbed huge attention in the crypto Industry in 2021 but now it is moving toward a big downfall because of its lack of real development works, that is what the project team promised like the launch of the coin’ DEX and NFTs Marketplace.
The safe moon is a Defi coin, which has no real use cases or unique use cases, so we can say it is just a type of meme coin, which is known for its popularity in the crypto Industry.
Recently a person filed a case against SafeMoon LLC, a company behind Safemoon coin. According to the filed lawsuit, the Company collaborated with many celebrities to promote the project wrongly in misleading ways.
Plaintiff also claimed that promotions were just part to push the coin price at peak and sell their holdings.
Under this lawsuit, there are many celebrities, who promoted safe moon coins. These are Jake Paul, Soulja Boy, Nick Carter, and many others including Safemoon LLC.
“The Promoter Defendants’ improper promotional activities generated the trading volume needed for all the defendants to offload their $SAFEMOON Tokens onto unsuspecting investors,” the lawsuit claims
This case was filed on 17 February in the District Court of California. The case was filed by a person, who invested in this coin because of the influence of high-level promoters in this industry and now he is at a very big loss.
Plaintiff also noted that $0.0000006521 was the lowest price of Safemoon on the last day of 2021 and after that, this coin failed to recover with a net 80% downfall.
“on December 31, 2021, the price of the safe moon token hit a low of $0.0000006521 per token, an over 80% drop from its height during the class period, which it has not been able to recover,” it said.
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