A lawsuit is on the horizon for the cryptocurrency Safemoon, that runs on the Binance Smart Chain – BSC. As you all probably know, Safemoon went hugely viral last year. Made possible by the endorsements of many celebrity and social media influencers who promoted the coin. But market manipulation is not legal and the laws and regulations will be applied here.
The Safemoon lawsuit
Safemoon, and the celebrities involved, are in fact being accused of being a pump and dump. Some of the names behind the promotion at the time were Nick Carter, Soulja Boy, Lil Yachty and Jake Paul.
It is not uncommon for celebrities to get involved in cryptocurrency projects. Often these projects turn out to be nothing more than a pump and dump, sometimes intended purely as a money grab.
For example, Kim Kardashian and Floyd Mayweather previously promoted the Ethereum Max project and soccer players such as Ivan Rakitic and Ajax soccer director Marc Overmars were involved in the promotion of the Xpose Protocol project.
Knowing this, should make you question the integrity and motivations some celebrities have when they praise a projects like this. It’s important to not blindly invest in something that is recommended to you, by anyone.
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