Cryptocurrency

SafeMoon Launches Wallet Beta in Race to $1

Published

3 years ago

June 17, 2021

SafeMoon, a community-driven DeFi Token largely popularised by Redditors, on Tuesday finally opened registration for the beta of its wallet in a move to further establish its leadership and move close to $1 a coin like Dogecoin.

The wallet is one of the several projects the SafeMoon team is working on to solidify the new cryptocurrency position among thousands of other coins in the market.

SafeMoon, created in March 2021 on the Binance Smart Chain blockchain, adopted a unique community wealth creation formula called tokenomics.

SafeMoon charges a 10 percent fee on transactions, with 5 percent redistributed (or reflected) to token holders while the remaining 5 percent are sent to a burn wallet. Therefore, holders earn regardless of market conditions.

SafeMoon multiplied rapidly in value after a wave of celebrity endorsements, including from rapper Lil’ Yachty, YouTuber Logan Paul, sports blogger Dave Portnoy and former Backstreet Boys member Nick Carter. SafeMoon hit a high of $0.00001375 in April 2021 before falling over 70 percent down to $0.000003919 as of June 2021 with around 2.3 million holders on the PancakeSwap exchange alone.

According to the official website, SafeMoon was first listed on PancakeSwap on the 1st March 2021, followed by: BitMart on 5th April 2021; WhiteBit on 5th April 2021; Gate.IO 23rd April 2021; HotBit 23rd April 2021; ZBG 11th May 2021; MXC 11th May 2021; Burrency 12th May 2021 and BitBns 14th May 2021.

SafeMoon Security

In May, the token was audited by security auditing firm CertiK, receiving a score of 82/100. The audit report identified no critical issues, but noted one ‘major issue’ that the project’s owners have “control over tokens funded by SafeMoon’s seller fee”.

In response to the one ‘major issue’ raised by CertiK, the SafeMoon team stated that “In regards to owner control, we are a fair launch governed by a central board which is subject to governmental regulations and law. We are a legally registered entity in accordance to the law and jurisdictions in which we operate”. The CTO of SafeMoon, Thomas Smith, further stated that the team was “aware of the issues” and “[has] policies and procedures around how the contract operates to alleviate risk”.

A separate security audit identified a “vital vulnerability” in SafeMoon and hundreds of other projects which all forked from the same parent project containing the vulnerability.

SafeMoon Criticism

The token has been described as a “meme coin” alongside Dogecoin and Shiba Inu, with much of its value attributed to the result of a market frenzy.

The developers of SafeMoon have been described as having “little proof of previous success”, with the token having been described by some financial experts as a “pump and dump”, a “cult stock”, “meme stock”, “the furthest thing from safe” and that it “doesn’t do anything”.

After the price of a SafeMoon token multiplied by 12x during a single week in April 2021, opinion columnists in various financial magazines likened SafeMoon to a ponzi scheme or pyramid scheme, where gains to early investors were paid only by incoming investors who expected a similar rate of return, with some citing the fact that each transaction sends a portion of the transacted value to existing holders of the token, as well as a portion of the transacted value to a wallet controlled by the coin’s authors.

Up Next

SEC Leaves Bitcoin and Cryptocurrency Off 2021 Regulatory Agenda

Don't Miss

Hedge Funds Survey Indicates Growing Enthusiasm About Crypto, CFOs Expect Sizable Increase in Investments

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Comments

Cryptocurrency

SEC Director General Lauds KuCoin’s Action, Urges Compliance with National Guidelines

Published

20 hours ago

May 17, 2024

Samed Olukoya

The Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, has commended KuCoin, a prominent cryptocurrency exchange platform, for its proactive measures to delist the Nigerian naira (NGN) from its trading options.

This move aligns with recent directives aimed at safeguarding the nation’s economic interests and combating illicit financial activities.

In an official statement released by the SEC on Thursday, Dr. Agama expressed satisfaction with KuCoin’s decision to suspend peer-to-peer (P2P) transactions involving the Nigerian currency.

This decision comes as part of KuCoin’s ongoing efforts to adjust its platform to comply with regulatory directives issued by the Office of the National Security Adviser and the SEC.

The SEC’s stance underscores a broader initiative by Nigerian authorities to address concerns related to foreign exchange manipulation and safeguard the integrity of the nation’s financial system.

Dr. Agama emphasized the importance of adherence to established guidelines, emphasizing that regulatory compliance is essential for maintaining national security and economic stability.

The delisting of the naira by KuCoin follows similar actions taken by other cryptocurrency exchanges, including Binance, in response to regulatory scrutiny from Nigerian authorities. These measures signal a concerted effort within the crypto industry to cooperate with regulatory agencies and promote responsible trading practices.

Peer-to-peer cryptocurrency trading platforms have come under increased scrutiny due to their potential for facilitating illicit financial activities, including money laundering and fraud. By delisting the naira and suspending related trading activities, KuCoin demonstrates its commitment to upholding regulatory standards and fostering a secure trading environment for users.

Dr. Agama reiterated the SEC’s commitment to collaborating with stakeholders, including the Economic and Financial Crimes Commission (EFCC), to address challenges within the cryptocurrency space and combat financial crimes effectively.

He emphasized the importance of regulatory cooperation in tackling illicit trading practices and maintaining investor confidence in the market.

Furthermore, Dr. Agama highlighted the SEC’s ongoing efforts to implement the Revised Capital Market Master Plan, aimed at enhancing the resilience and competitiveness of Nigeria’s capital market.

He highlighted the potential of the capital market to drive economic growth and attract foreign investment, emphasizing the need for regulatory measures to protect investors and promote market integrity.

In response to Dr. Agama’s comments, the EFCC Chairman, Ola Olukoyede, reaffirmed the Commission’s commitment to combatting financial crimes and emphasized the importance of regulatory collaboration in addressing emerging challenges.

He commended the SEC’s efforts to enforce regulatory compliance within the cryptocurrency sector and pledged the EFCC’s support in safeguarding Nigeria’s financial interests.

Cryptocurrency

KuCoin Announces Temporary Pause on NGN Services to Prioritize Compliance

Published

3 days ago

May 15, 2024

Samed Olukoya

KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

Cryptocurrency

Crypto Exchange Giant Coinbase Grinds to a Halt in System Meltdown

Published

4 days ago

May 14, 2024

Samed Olukoya

One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.