{"id":408029,"date":"2022-02-20T13:20:19","date_gmt":"2022-02-20T10:20:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others\/"},"modified":"2022-02-20T13:20:19","modified_gmt":"2022-02-20T10:20:19","slug":"safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others\/","title":{"rendered":"# SafeMoon pump and dump lawsuit targets Jake Paul, Soulja Boy, and others"},"content":{"rendered":"<p>&#8220;<strong># SafeMoon pump and dump lawsuit targets Jake Paul, Soulja Boy, and others <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>A new class-action lawsuit demands a jury trial against A-list celebrities and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> influencers for their alleged participation in a classic pump and dump scheme relating to SafeMoon tokens.<\/p>\n<p>SafeMoon, a Binance Smart Chain-native cryptocurrency, allegedly recruited a number of celebrities to lure investors in with misleading promotions. Some of the prominent names roped in by the class action include musicians such as Nick Carter, Soulja Boy, Lil Yachty and YouTubers Jake Paul and Ben Phillips.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.classaction.org\/media\/merewhuader-et-al-v-safemoon-llc-et-al.pdf\">According<\/a> to the lawsuit, SafeMoon and its subsidiaries mimicked real-life Ponzi schemes by misleading investors to purchase SafeMoon tokens under the pretext of unrealistic profits. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/c2fda2a5-13a5-4f14-aac1-74593b94ce76.png\"><\/figure>\n<p>Citing the ecosystem\u2019s \u2018burn\u2019 and \u2018tokenomics\u2019 as a key driver for SafeMoon\u2019s price potential, the recruited celebrities allegedly convinced their followers to invest in the token.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/042d3147-d07f-4a77-ba14-892a60380457.png\"><\/figure>\n<p>Furthermore, the lawsuit points out numerous instances where the recruited celebrities successfully hyped the token enough to artificially increase the trading volume and price. While SafeMoon witnessed multifold growth over several months, the sudden departure of the company\u2019s C-suite executives was when the token prices started plummeting, as evidenced by the graph below (marked in yellow):<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-02\/b6c3ad3c-97fe-4236-9f86-3b800c448e69.png\"><\/figure>\n<p>The lawsuit alleges a \u2018slow rug pull\u2019 attempt from the involved celebrities, implying a slow sell-off of holdings as the trading volume from retail investors remains inflated:<\/p>\n<blockquote><p>\u201cThe Promoter Defendants\u2019 improper promotional activities generated the trading volume needed for all the Defendants to offload their SAFEMOON Tokens onto unsuspecting investors.\u201d<\/p><\/blockquote>\n<p>The lawsuit looks to represent and compensate all individuals who bought SafeMoon tokens since March 8, 2021 and were victims of the alleged rug pull attempt. <\/p>\n<p><strong>Related: <\/strong><strong><em>Stop listening to celebrities for financial advice, says Binance Super Bowl campaign<\/em><\/strong><\/p>\n<p>One of the biggest highlights of Super Bowl 2022 was the crypto commercials. Amid the craze around the advertisements, crypto exchange Binance launched a marketing campaign to warn investors against the incoming crypto hype fueled by mainstream celebrities.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Superstars \u2260 crypto experts.<\/p>\n<p>Music artist <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JBALVIN?ref_src=twsrc%5Etfw\">@JBALVIN<\/a> says \u201cdo your own research\u201d.<\/p>\n<p>On 2.13 when big names try to give you crypto advice \u2014  sound <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/CryptoCelebAlert?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoCelebAlert<\/a> and grab 1\/2222 NFTs of basketball star <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JimmyButler?ref_src=twsrc%5Etfw\">@JimmyButler<\/a>!<\/p>\n<p>Learn more \u2b07\ufe0f<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3rC7r0uJ8M\">https:\/\/t.co\/3rC7r0uJ8M<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Hml8AN2aEs\">pic.twitter.com\/Hml8AN2aEs<\/a><\/p>\n<p>\u2014 Binance (@binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/binance\/status\/1490666129148497921?ref_src=twsrc%5Etfw\">February 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As Cointelegraph reported, Binance&#8217;s ultimate aim with this campaign was to direct new users to its own platform, as well as to the educational crypto primer tools on its website.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/safemoon-pump-and-dump-lawsuit-targets-jake-paul-soulja-boy-and-others\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# SafeMoon pump and dump lawsuit targets Jake Paul, Soulja Boy, and others &#8221; A new class-action lawsuit demands a jury trial against A-list celebrities and social influencers for their alleged participation in a classic pump and dump scheme relating to SafeMoon tokens. SafeMoon, a Binance Smart Chain-native cryptocurrency, allegedly recruited a number of celebrities&#8230;<\/p>\n","protected":false},"author":1,"featured_media":408030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDIvOTU2MmYxMTUtYzNiMi00YjY1LWJlMjEtYTQ2YjJjMWI3MDAwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74894,117,13096,39579,49],"class_list":["post-408029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-blockchain","tag-business","tag-california","tag-music","tag-youtube"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=408029"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/408029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/408030"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=408029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=408029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=408029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}