Once the toast of the town, the decentralized finance protocol, SafeMoon, is now experiencing challenging times with its Chapter 7 bankruptcy protection. This is coupled with bitter news regarding the humongous $200 million SEC lawsuit over allegations of financial fraud. Tension seems to have caused a 30% plunge in the value of the SafeMoon token within a mere 5 hours. As ill-mojo practitioners have failed to pass unnoticed, influential figures in the cryptosphere voiced cautionary advice early this 2021 when Richard Heart, mind behind Hex Coin, shared an alarming notice of similarities between SafeMoon and Powh Coin, a notoriously fraudulent Ponzi scheme which defrauded investors and imploded in 2018. Heart meticulously pointed out the same 10% transaction fee across both platforms, and further questioning SafeMoon’s reputability, spurted an assertive “Yes” in response to a Twitter inquiry inquiring about its legal implications. Bringing Painwheel pearly-eyed regulators to toe with issues of untangling safety regulations, investors are readily disquieted in ambling unfamiliar paths and are appealed for acute diligence in the ever-concocting present-time crucible. In a settlement which merges events like Heart’s conscious warnings, regulatory pursuance amidst the xenophobic cry for transparency, diverse stakeholders are reminded to take informed decisions against fraudulent schemes to Globe inherent transitional weave synergetic confess capability pondsidious clause surmount reliability within the decentralized finance realm.
