3 weeks ago
The SafeMoon squad is readying connected launching a memecoin connected Solana (SOL) connected Saturday astatine 1:00 AM UTC.
The squad has burned 2.2 trillion SFM tokens crossed the Ethereum, Polygon and Binance Smart Chain networks, the VGX Foundation told CoinDesk.
In total, astir the entirety of the Ethereum and Polygon supplies person been eliminated, arsenic good arsenic astir 60% of the Binance Smart Chain supply.
SFM holders volition beryllium fixed the accidental to speech their SFM tokens for the SafeMoon memecoin done the VGX wallet.
“We are going to let the assemblage to swap their tokens truthful radical tin get retired of their positions,” VGX said.
The hope, the steadfast said, is for the caller token to beryllium listed connected exchanges again and for liquidity to summation sufficiently for assemblage members to recuperate immoderate of their funds.
SafeMoon was 1 of the astir fashionable projects of the 2021 crypto bull market. Its token roseate to a $17 cardinal marketplace capitalization astatine its highest point, but present floats astatine astir $41 cardinal successful marketplace cap, according to CoinGecko, and has been delisted from astir each exchange.
SafeMoon’s aged enforcement squad was charged by the Department of Justice with perpetrating fraud connected its investors successful 2023. They were notably accused of withdrawing much than $200 cardinal from supposedly locked funds to bargain luxury cars and homes.
The institution declared bankruptcy successful December 2023 and was subsequently acquired by the VGX Foundation.
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