The "scam token" that is making a reimbursement program to holders who lost money.

Very controversial, and maybe the most hated token on this sub, SafeMoon (SFM) is a token created on March 2021, utilizing the Binance Smart Chain (BSC). With a historic of suspect transactions by the devs, delay in products and even a lawsuit evolved (Link to Article), the first version of the token reached at an astronomical popularity, reaching at more than 3 million holders and 6 billion dollars marketcap, in just a few months. The firs version pf the token reached at ATH of 0.0000015, and since this time, it´s in a constant downtrend, currently in around -95% of its ATH.

The idea was simple: for every transaction (buy, sell or transfer), was charged a 10% fee, which is splited in 5% going to Liquidity Pool, and the other 5% reflected proportionally back to the holders (Burn Wallet was also considered a holder).

Starting on october 2021, the project gradually suffered a reformulation in the team and currently the only original member still present is the CEO, Braden John Karony. Due this reformulation, the team decided to conduct a "Reverse Split" in the total supply, which they named "Consolidation". Basically was a reduction on the supply in the rate of 1000:1, with upgrades on security and more flexibility on the contract.

To consolidate their tokens, the holders must swap the old version of the token to the new version, through SafeMoon Wallet or any wallet, by conecting it on SafeMoon Swap. Occurs that a high percentage of users refused to do this consolidation and stayed in Version 1 (V1), which was a problem, since the first version was about to lose support. Also, a lot of holders used arbitrage bots to take advantage of the price difference between V1 and V2, profiting thousands of dollars per day (some of they even 5 digits).

This situation forced the team to bring up a solution, which was a gradual increase of the V1 fees, to "discourage" the use of V1, and announced the changes on the SafeMoon social media, as well on Discord Group and the official Reddit sub.

​

First, they changed the contract to 9% LP and 1% reflections: 10% change tax post

​

Then, the tax was raised to 20% (19% LP and 1% reflections): 20% tax post

​

Finally, they announced a 100% tax implementation, meaning that if you try to sell, transfer, or buy V1, all the tokens goes to LP: 100% tax post.

​

But, seems like the comunication wasn't enought, because in the middle of this proccess, a great number of unaware holders lost their tokens when they tried to transfer it to SFM Wallet to "Consolidate". Even people who forget about the arbitrage bots, "lost" all their tokens to LP.

​

Despite all this controversal situations, SafeMoon recently completed 1 year of existence, currently having more than 640.000 holders and more than a half billion marketcap. Recently there are rumours that the team was trying to find a way to reimburse the people who lost money on the migration to V2.

Occurs that, two days ago, was confirmed by the CEO itself that they are working on a way to do it.

​

Confirmation by John.

Also, due the dismision of Ryan Arriaga (Old Global Head of Products) the CEO also announced three new hires on Discord, being Jake Hammock, Robert Spraggs and Lynn Spraggs, as you can see below:

Hiring message.

​

Hired People.

John also stated that they've been working and testing blockchains to "fuel" the future functions of SafeMoon ecosystem. Now the major question is: can a token that was originally made to pump and dump on people, turn in a legit project which will bring utility and help people on the world? In my humble opinion, only the time will say...