SatoshiVM

ZachXBT

<h4 style="color: #252525;">The launch of the SatoshiVM (SAVM) token has been one of the most controversial events in crypto this week. </h4> 
The newly launched token from Ape Terminal plunged by over 30%, and there are different reasons of what could have gone wrong. 
<h5>What is Happening with Ape Terminal?</h5> 
<a href="https://apeterminal.io/" target="_blank" rel="noopener">Ape Terminal</a> is a decentralized exchange (DEX) launchpad for crypto projects planning to roll out their token through an Initial DEX Offering.&nbsp; 
So, one of the X accounts making the rounds came from Mac. He claims to be one of SatoshiVM’s advisers. Mac, in his tweet, pointed fingers at the fundraising platform Ape Terminal, accusing the team of orchestrating a scam. He considers himself a friend of&nbsp;the Ape Terminal team “a friend” and revealed he introduced the launchpad to the SatoshiVM team. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 A person I considered a friend and ate dinner with a week ago has lied to my face, betrayed and scammed me, several IDOs and the crypto community.<a href="https://twitter.com/theapeterminal?ref_src=twsrc%5Etfw">@theapeterminal</a> has scammed all of the IDO launches on their platform 
 200,000 wallets applied to win the IDOs and 10 winners got… 
 — Mac <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f43a.png" alt="🐺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@MacnBTC) <a href="https://twitter.com/MacnBTC/status/1750278494477562169?ref_src=twsrc%5Etfw">January 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, things turned out ugly. Mac claims the IDO platform played foul during the recent SatoshiVM IDO by awarding all 210,000 SAVM token allocations to Ape Terminal team members rather than selecting from a pool of entrants. 
Also, Mac wrote: “Ape Terminal has scammed all of the IDO launches on their platform. 200,000 wallets were applied to win the IDOs, and 10 winners were chosen per IDO. All of the winners were the Ape Terminal team. On top of that, they took a 25% fee that they also kept. 
Mac further revealed that Ape Terminal returned the <a href="https://www.coingecko.com/en/coins/satoshivm" target="_blank" rel="noopener">$SAVM tokens</a> to the SatoshiVM team. However, this was after it had allegedly made significant profits by selling the winning wallets. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Remember SAVM and how it was shilled all over your feed? "I made 100x!" 
 Turns out it was an elaborate pump and dump. <a href="https://twitter.com/MacnBTC?ref_src=twsrc%5Etfw">@MacnBTC</a> and <a href="https://twitter.com/theapeterminal?ref_src=twsrc%5Etfw">@theapeterminal</a> are blaming each other for it. 
 Either way, a few friends made millions on this coin and I hear ROOM was a previous "project". <a href="https://t.co/PpXcX3GfV6">pic.twitter.com/PpXcX3GfV6</a> 
 — Duo Nine <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> YCC (@DU09BTC) <a href="https://twitter.com/DU09BTC/status/1750425521090109562?ref_src=twsrc%5Etfw">January 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h5 style="color: #252525;">Ape Terminal Rejects the Accusations</h5> 
Interestingly, the platform has refuted Mac’s claims and has reportedly threatened legal action for slander. Mac is unfazed and maintains that all of the data can be independently verified on the blockchain. He also plans on disclosing the results. 
The launchpad also accused Mac of making “millions in profit” from the sale, claiming it never sold fees from SAVM. The teams wrote that “Mac owns huge amounts of unlocked SAVM, sniped liquidity, and gave tokens to his friends,” adding that “after profiting $10M+ in a day from $SAVM sales, Mac needs a scapegoat and chose us.” 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 FUD, MacnBTC, and SAVM — 
 SAVM is a project founded by a KOL named MacnBTC. 
 SAVM is a bittersweet event for Ape Terminal. While we are happy it offered a good opportunity for our community, it, unfortunately, enabled a KOL to harvest his own community for millions in profits.… 
 — Ape Terminal (@theapeterminal) <a href="https://twitter.com/theapeterminal/status/1750298526364414008?ref_src=twsrc%5Etfw">January 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
On the other hand, Crypto advisor bx1 <a href="https://twitter.com/bx1core/status/1750331331790196784" target="_blank" rel="noopener">shared</a> an analysis of Ape Terminal’s IDO winner wallets. And his findings seem to corroborate Mac’s claims of foul play. The results showed that only five of the ten winning wallets received $1000 funding from MEXC in an incredibly short amount of time. This showed similar selling patterns. 
Given the huge number of entrants, the likelihood of these particular wallets winning was small. This adds credence to the claims of manipulation and deception by the launchpad. Other crypto experts have joined the brewing conflict. 
Also, crypto investigator ZachXBT claims both the platform and MacnBTC are guilty of dishonesty. Recall that ZachXBT had previously warned that individuals “shilling” the SAVM launch possibly had an allocation and were likely to dump their tokens. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Do not take sides both Ape Terminal and Mac are guilty of acting dishonest towards their users/followers 
 — ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1750355194012147871?ref_src=twsrc%5Etfw">January 25, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The dispute has led many within the crypto community to push for accountability and transparency in the <a href="https://www.altcoinbuzz.io/?s=defi" target="_blank" rel="noopener">DeFi space</a>. 
<a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="" width="714" height="88"></a> 
<iframe title="Secret Whale Strategies: 3 Cryptocurrencies They're Scooping Up on Dips" width="696" height="392" src="https://www.youtube.com/embed/jPe3n6XOgiQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
<h5>Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h5> 
The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/crypto-trader-exposes-ape-terminal-fraud/">Crypto Trader Exposes Ape Terminal Fraud</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.

Crypto Trader Exposes Ape Terminal Fraud

Altcoin Buzz

Other articles published on Jan 25, 2024

The Infamous Mt. Gox Hack: A Turning Point in Cryptocurrency History

Here Is A Brief Story About The Rise And Fall Of Mt. Gox: A Bitcoin Saga

Fresh Investigation Should Be Short & Limited- Bankruptcy Judge

Bitwise Leads Transparency in Crypto with Public Bitcoin Wallet Disclosure

Polygon Introduces ‘AggLayer,’ Aims to Simplify Blockchain Integration Across Platforms

Is TIA Overvalued? Technical Analysis Offers Mixed Signals

Join our free newsletter for daily crypto updates!