Ape Terminal, MacnBTC, And A Fraudulent Launch
Recently, the launch of SatoshiVM and its Ethereum-based token SAVM caused a stir in the crypto community. The project gained attention due to the large gains made by participants. However, it seems that trouble has already arisen as major players in the token’s launch are now at odds and scam allegations have emerged.
Ape Terminal, a prominent name in the launchpad/IDO space, hosted the launch of SatoshiVM. Over 47,000 participants signed up for the IDO with hopes of participating. Ape Terminal’s approach was to give large allocations to a small number of participants instead of small allocations to a large number. This method had worked well for previous projects until SAVM came along.
Popular on-chain investigator Zachxbt had warned that the project was being shilled by known grifters. However, this warning was dismissed by the community. MacnBTC, a prominent crypto influencer who introduced Ape Terminal to the SatoshiVM team, sent Zach $10,000 in what seemed like an attempt to save face. Zach declined the money and donated it to charity instead.
MacnBTC claims that Ape Terminal scammed IDO participants by selecting only 10 winners out of tens of thousands of participants. He alleges that these winning wallets were sold by the Ape Terminal team for millions of dollars, while Ape Terminal kept a 25% fee from the sale.
Launchpad Fires Back At SatoshiVM (SAVM) Team
In response to MacnBTC’s allegations, Ape Terminal made some shocking revelations of its own. They claim that MacnBTC is not just an advisor but is actually the founder of SatoshiVM (SAVM). If true, this would mean that MacnBTC had misrepresented his position and influence on the project. However, MacnBTC denies these claims.
Ape Terminal also alleges that they did not sell any of the fees generated from the SAVM token. Instead, they claim that all the fees were sent to MacnBTC, who corroborated this claim. They further accuse MacnBTC of owning large amounts of unlocked SAVM tokens, sniped liquidity, and gifting tokens to friends. According to Ape Terminal, MacnBTC has profited over $10 million from these activities and is using Ape Terminal as a scapegoat.
Ape Terminal has shared a Google Doc containing their findings that support their claims against MacnBTC.
Crypto Community Reacts
The crypto community has voiced its opinions on the situation. Many have called both Ape Terminal and MacnBTC scammers and grifters who are now facing the consequences of their actions.
On-chain investigator Zachxbt finds amusement in watching grifters fight each other. He cautions investors against taking sides as both Ape Terminal and MacnBTC have acted dishonestly towards their users/followers.
Another user warns against getting involved with SAVM, Ape Terminal, and MacnBTC, calling the whole situation an “absolute shitshow of epic proportions.”
Ape Terminal has also been accused of rigging IDO sales in favor of its team. An investigation by another user reveals troubling revelations about the platform rigging multiple projects, not just SatoshiVM (SAVM).
The launchpad has announced changes to its IDO mechanisms and has threatened to sue MacnBTC for defamation. Ape Terminal has released a statement to its community summarizing the events and outlining steps for moving forward.
Hot Take: SAVM Token Price Plummets Amidst Scandal
Last week, the launch of SatoshiVM’s SAVM token seemed promising, but now it has been marred by scandal. Allegations of scams and grifters have emerged, with major players in the launch at odds with each other. As a result, the price of SAVM has plummeted by around 30% in the last day. The situation remains volatile as the crypto community reacts to the unfolding events.
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