Following Coffeezilla’s recent fraud allegations, Safemoon is down 96.5% from its all-time high

Safemoon’s price has fallen by over 45% in 24 hours and is now over 96% below its all-time high. This catastrophic price drop came shortly after Coffeezilla uncovered new fraud allegations against SafeMoon’s founder and CEO.

The latest video revealed a major token holder (known as Wal) selling four billion Safemoon tokens worth nearly $2 million.

According to a post on Reddit, the Safemoon community had spent the previous week and a half contesting the claim and denying that the wallets involved in the scam were the personal wallets of Safemoon CEO John Karony.

The Safemoon community believed that the inbound and outbound transactions were innocent transactions that involved depositing and removing tokens from Bitmart’s liquidity pools and payments.

The thread included links to two of the wallets on BSC Scan, showing the wallets involved in the scheme and their transactions.

One of the alleged Safemoon wallet transactions on bscscan.com

The numbers reach nearly $2 million when both wallet transactions are combined.

The second of the alleged Safemoon wallet transactions on bscscan.com

The Reddit post describes another situation where Coffeezilla was briefed on another pump-and-dump scheme by former Safemoon employee Ben Phillips. This scheme allegedly involved John Karony spending $300,000 on the tokens to be manipulated.

The post also mentioned a hotdog-related NFT project, with Karony reportedly saying it was the only project he liked on Twitter. One of the wallets revealed in Coffezilla’s videos reportedly owned an NFTs from that project. This appears to link John Karony to the wallets involved in the scam.

However, according to the Reddit post, the Safemoon community is still not convinced, seeing the whole situation as “fud” and a good opportunity to collect more coins.

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