Token

SatoshiVM

<p>The post <a href="https://coinpedia.org/news/satoshivm-faces-allegations-of-rug-pull-scheme-amidst-3mln-savm-token-sales/">SatoshiVM Faces Allegations of Rug Pull Scheme Amidst $3Mln SAVM Token Sales</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>LookOnChain, a platform that tracks crypto data, found that a wallet linked to SatoshiVM sold a large number of SAVM tokens worth over $3 million. This raised worries that the project might be involved in a tricky situation called a Rug Pull.</p> 
<h2 class="wp-block-heading" id="h-strange-wallet-moves">Strange Wallet Moves</h2> 
<p>A recent post on X by LookOnChain, a platform specializing in on-chain data tracking, brought attention to a wallet associated with the SatoshiVM team actively selling SAVM tokens. </p> 
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   <p lang="en" dir="ltr">A wallet related to the <a href="https://twitter.com/SatoshiVM?ref_src=twsrc%5Etfw">@SatoshiVM</a> team is selling <a href="https://twitter.com/search?q=%24SAVM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAVM</a>!<br><br>Wallet"0xfdac" received 420K <a href="https://twitter.com/search?q=%24SAVM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAVM</a>($4.7M) from the <a href="https://twitter.com/SatoshiVM?ref_src=twsrc%5Etfw">@SatoshiVM</a> team wallet.<br><br>Then transferred 189,700 <a href="https://twitter.com/search?q=%24SAVM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAVM</a>($2.12M) to 24 new wallets and has sold 124,739 <a href="https://twitter.com/search?q=%24SAVM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SAVM</a> for 504 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($1.24M) currently.<a href="https://t.co/byXve425jY">https://t.co/byXve425jY</a> <a href="https://t.co/UgxgXGXvrl">pic.twitter.com/UgxgXGXvrl</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1749263187730714688?ref_src=twsrc%5Etfw">January 22, 2024</a>
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<p>The post highlighted that the wallet address 0xfdac received a substantial 420,000 SAVM tokens, equivalent to a staggering $4.7 million, from the SatoshiVM team.</p> 
<p>After getting these tokens, the wallet did some interesting things. It sent 189,700 SAVM tokens, worth $2.12 million, to 24 new wallets. Plus, the owner of the wallet sold 124,739 SAVM tokens for 504 Ethereum tokens (ETH), totaling $1.24 million, <a href="https://etherscan.io/token/0x15e6e0d4ebeac120f9a97e71faa6a0235b85ed12?a=0xfdacf3cd45bca65e1a5c4a076bea6e44efe7e920">according to info</a> from Etherscan. So, in total, all these transactions added up to $3.36 million.</p> 
<p>Meanwhile, people are worried that this might be a “pump-and-dump” situation, which is not good. It’s similar to a “rug pull scam,” where developers create a lot of excitement about a new crypto (like SAVM) and then suddenly disappear with the money.</p> 
<h2 class="wp-block-heading" id="h-is-savm-hiding-a-potential-scam">Is SAVM Hiding a Potential Scam?</h2> 
<p>Even though we don’t have strong evidence, experts are expressing doubts about SatoshiVM. WEB3 Market Insight called it a “SAVM Pump and Dump,” and BareNakedCrypto called it a “scam.” </p> 
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   <p lang="en" dir="ltr">callled it btw<br><br>Its a scam.<br><br>Influencers protecting themselves past few days<br>Now what do you have to say? <a href="https://t.co/pwl1d5Yl8P">https://t.co/pwl1d5Yl8P</a></p>— BareNakedCrypto 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fad0.png" alt="🫐" class="wp-smiley" style="height: 1em; max-height: 1em;">, (@BearNakedCrypto) <a href="https://twitter.com/BearNakedCrypto/status/1749267796356190544?ref_src=twsrc%5Etfw">January 22, 2024</a>
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<p>People are also questioning the role of influencers associated with SAVM, wondering if they were aware of the situation.</p> 
<p>One analyst, Daniel, <a href="https://twitter.com/crypto_is_good/status/1749270390839345329">said that</a> if a project is genuinely good, it doesn’t need influencers for support. Legitimate projects can get funding from reliable sources without relying on social media hype.</p> 
<p>A significant number of SAVM tokens, about $10.5 million worth, were given to influencers on January 20. This made up 11.5% of all SAVM tokens. Around the same time, SAVM’s price went up by 17%, reaching over $11. However, it later settled at $10.96, still higher than before.</p> 
<h2 class="wp-block-heading" id="h-savm-s-price-volatility-raises-red-flags">SAVM’s Price Volatility Raises Red Flags</h2> 
<p>SAVM’s overall value in the market is $76.96 billion, and the amount of SAVM traded in the last 24 hours increased by 3.48%, totaling $37.45 million. Initially, SAVM’s price went up to $14.10 on its launch day but then dropped to a low of $7.26, making people worry about a potential pump-and-dump strategy.</p> 
<p>As the crypto community keeps an eye on these events, questions about SatoshiVM’s reliability and the risks for people investing in SAVM are causing concerns.</p>

SatoshiVM Faces Allegations of Rug Pull Scheme Amidst $3Mln SAVM Token Sales

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