Last week, the launch of SatoshiVM and its Ethereum-based token SAVM took the crypto community by storm after a concerted effort by crypto influencers to push the project. Mainly, the large gains from those in the project caught the eye of investors, who watched as the token price continued to soar. However, it seems there is already trouble in paradise as major players in the token’s launch lock horns and scam allegations emerge.
SatoshiVM (SAVM), the Bitcoin Layer 2 project, was first talked about with its rise, but now it attracts attention with its significant declines.
SAVM has dropped over 30% in the last 24 hours, the biggest drop since its inception.
However, since whales thought that these levels were the bottom after the SAVM decline, they implemented the ‘buy the bottom’ strategy and continued to accumulate SAVM.
It is stated that behind this decline is a dispute regarding Ape Terminal, a fundraising platform.
Because the advisor of the SatoshiVM project accused the MacnBTC Ape Terminal of fraudulent activities during the Initial DEX Offering (IDO). MacnBTC alleged that all SAVM token allocations were unfairly distributed to Ape Terminal team members.
During this conflict between MacnBTC and Ape Terminal, the SAVM price dropped by over 60%, while whales turned the decline into an opportunity and continued to buy.
Accorinding to bubblemaps on twitter
TheApeTerminal selected 10 IDO winners instead of 100 These 10 winners seem handpicked, linked to The Ape Terminal’s team, or showing similar on-chain activities. SatoshiVM is one of the most successful token launches in crypto, and the most successful in years. They peaked at over 30,000% return on the IDO price, before settling at 15,000%. Then the FUD began, with the project blaming the launchpad for scamming investors, and the launchpad hitting back and blaming the project. Here’s the breakdown: – Ape Terminal launches SatoshiVM – SatoshiVM blows up with insane returns – SatoshiVM adviser “MacnBTC” posts a claim that Ape Terminal “scammed” SatoshiVM investors, taking the tokens for themselves – SatoshiVM dropped as much as 38% to $6.28 in less than 3 hours (now bounced back to $7.50) – Ape denies the claims, and says MacnBTC “sniped liquidity, and gave tokens to his friends,” “profiting $10M+ in a day from $SAVM sales.” – MacnBTC denies, and says he was threatened with defamation –
rug_ai publishes an analysis claiming the SatoshiVM team netted nearly $4.7 million and MacnBTC’s “buddies” walked away with $15.2 million – Today, SatoshiVM said “there is a lot of misinformation being spread” and that they plan on open-sourcing its research paper tomorrow as part of a transparency measure. – On-chain investigator zachxbt today states “both Ape Terminal and Mac are guilty of acting dishonest towards their users/followers. The SatoshiVM team reached out to me since me and my company did not invest (surprisingly) and we have zero allocation, so I have no horse in this race. This reminds me of the FTX days, where spaces became the people’s court: A way to reach transparency and give a voice to both sides Mario Nawfal said
On Friday MacnBtc wrote: A person I considered a friend and ate dinner with a week ago has lied to my face, betrayed and scammed me, several IDOs and the crypto community.
theapeterminal has scammed all of the IDO launches on their platform 200,000 wallets applied to win the IDOs and 10 winners got chosen per IDO. All of the winners was the Ape Terminal team. On top of that they took a 25% fee that they also kept. I introduced
theapeterminal to the satoshivm team, but sadly could it looks like it was impossible to trust them doing a fair sale. They returned all of the $SAVM tokens to the satoshivm team but made millions selling the winner wallets
While APE Terminal Responded saying SAVM is a project founded by a KOL named MacnBTC. SAVM is a bittersweet event for Ape Terminal. While we are happy it offered a good opportunity for our community, it, unfortunately, enabled a KOL to harvest his own community for millions in profits. > Facts First 1. Ape has sold $0 of SAVM fees, instead transferred all fees to Mac. 2. Mac owns huge amounts of unlocked SAVM, sniped liquidity, and gave tokens to his friends 3. After profiting $10M+ in a day from $SAVM sales, Mac needs a scape goat and chose us. 4. Details on Mac’s liquidations on SAVM docs.google.com/This event plays a crucial role in our due diligence process and founder assessment will be at the core of it.
