The Bitcoin market is experiencing tremendous growth, and digital assets are becoming more popular. As a result, a lot of people use “pump and dump” tactics. One of them is SafeMoon. One may ask, what are ‘pump and dump’ tactics?
In these kinds of schemes, popular people use their fame to promote specific cryptocurrency projects. This way, they raise its value. In the meantime, they plan to sell off their remaining coins at the “inflated” price. Thus, they gain much profit using these tactics.
Respectively, Ben Phillips, who used to be an influencer for SafeMoon, has been charged with running a $12 million crypto scam. They are accusing him of using his power to spread the word about SafeMoon while also selling millions of tokens.
Regarding this issue, Stephen Findeisen, also known as “Coffeezilla,” has made accusations against Phillips on his YouTube channel.
SafeMoon Is Bringing In Millions
Like many other influencers, Ben Phillips, who is well-known for his YouTube prank films, is very engaged in the worlds of cryptocurrency and non-fungible tokens (NFTs). Additionally, SafeMoon is a Binance Smart Chain (BSC) cryptocurrency project that Phillips constantly mentions. However, this could be the root of all of the problems.
According to Coffeezilla’s investigation, Phillips was continually selling his SafeMoon for millions of dollars. This happened after pumping it through his social media networks and seeing the price rise.
The Scam of Phillips
On April 12 of last year, Phillips shared his wallet information with fans in a tweet. In addition, he requested that they pay for his Starbucks. Correspondingly, this gave the space to the internet detective, Coffeezilla, to investigate a tip he had received. This was part of a bigger investigation into the fake investment game token SafeMoon.
Furthermore, the YouTuber also shared screenshots of all tweets. In these tweets, Phillips made similar comments, grouped chronologically, and also particular information on his dumps. He even had critical BscScan URLs that traced his activities.
As per CoffeeZilla’s estimates, Phillips bought SafeMoon on PancakeSwap for $4 million in March. On the other hand, he sold it for $16 million in December, leaving him with a tidy $12 million profit.
SafeMoon – Not a Safe Place
SafeMoon came out in March 2021, and it was a huge success right away. However, in December 2021, the team launched a Version 2 contract at a different contract address. This resulted in the Version 1 contract being no longer valid.
Phillips, on the other hand, has deleted most of his posts and his Twitter account seems to be a new one. Nonetheless, in his previous tweets, he has used a lot of harsh language. One from July last year said he wished a SafeMoon whale would “be hit by a bus.”