SatoshiVM Token Value Tumbles Amid Feud with Fundraising Platform Ape Terminal
Summary:
Following a contentious launch, the newly minted SatoshiVM token plummeted 38% amid a dispute between an adviser, "MacnBTC", and fundraising platform Ape Terminal. The adviser accused Ape Terminal of skewing the token distribution towards its team, while Ape Terminal alleged MacnBTC profited significantly from the sales. Amid this controversy, token safety analysis platform Rug.ai gave the launch a moderate score, owing to some potentially risky factors. Amid the contention, SatoshiVM announced plans for increased transparency through open-sourcing its research paper.
A contentious verbal dispute between an adviser of newly minted token SatoshiVM (SAVM) and fundraising hub Ape Terminal saw the SAVM value dive up to 38%, following a contentious token launch last week. At the heart of the quarrel is the inception event for the SAVM token, which initiated trading on January 19. Ape Terminal, a decentralized exchange functioning as a launch pad for new cryptocurrency projects, was in charge of the Initial DEX Offering. SatoshiVM is a Bitcoin layer 2 solution driven by contributor activity, using zero-knowledge rollup technology.
An adviser for SatoshiVM, known as "MacnBTC", accuses Ape Terminal of deceitfully distributing all 210,000 SAVM tokens to their team members, instead of electing from a group of applicants. According to a January 24 tweet by MacnBTC, he initially alleged that out of the 200,000 wallets that registered for the SatoshiVM IDO, only ten winners were selected, all of which were part of the Ape Terminal crew. He then shared an analysis showing that five out of the ten wallets have similar selling activities and timings. He further contended that they took a 25% fee, which they retained.
In response, Ape Terminal fiercely discredited these allegations, citing it was MacnBTC himself who reaped substantial profits from the token sales. They maintain that MacnBTC holds large quantities of unrestricted SAVM, extracted liquidity, and distributed tokens to his acquaintances. However, MacnBTC rejected these accusations and assured that the evidence will be released soon, stating all information can be verified on the blockchain. He also alleges that he has been threatened with a defamation lawsuit due to his recent posts.
Amidst the controversy, Rug.ai, a platform providing AI-based token safety analysis, rated SAVM's launch moderately low with a 46/100 score. The report underlined that the SAVM contract still has a holder, the liquidity remains unlocked, and two major holders retain 31% of the supply, warning these factors to be potentially hazardous.
SatoshiVM responded to the controversy by announcing plans to open-source its research paper in a bid to increase transparency. Both Ape Terminal and SatoshiVM were contacted for further comments but no immediate response was received. SAVM's value significantly fell by 38% to $6.28 soon after MacnBTC's first tweet, but has since made a recovery to $7.
Published At
1/25/2024 6:19:33 AM
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