Mr. Karony announced his decision in a tweet on March 8, citing his wish to complete his college degree. In a series of follow-up tweets, Mr. Karony thanked the team at SafeMoon and the entire token community known as the SafeMoonArmy, praising their accomplishments, and promising to stay “committed to the bright future in store for SafeMoon.” He even threw in a little joke at the end:
Leaving a sinking altcoin?
The news of Mr. Karony’s resignation comes 10 months after Finbold reported about analysts warning investors about SafeMoon potentially being a pump-and-dump coin despite its creators originally touting it as a decentralized finance (DeFi) token that would skyrocket in price. The altcoin proved exceptionally volatile, going in a generally downward direction after reaching an all-time high of $0.0032 on January 4, 2022. At press time, SafeMoon traded at $0.00104, a 21% decrease from the seven days before, when it traded at $0.001264, as per CoinMarketCap data. The token’s current price is a 207.69% drop from its all-time high. As one commenter on Twitter noted, Karony’s announcement also comes after the launch of a securities class action lawsuit, filed against SafeMoon, its executive officers, and celebrity promoters in the U.S. District Court in California. According to the lawsuit, they are accused of the alleged participation in a classic Ponzi-like pump-and-dump scheme related to the SafeMoon tokens, the danger of which the experts have long been warning.
