Sheet 02 · Specimen #0000070 · Rugs, Scams & Grifts → Rugs, scams and grifts → Crypto collapses · 2021–2023
SafeMoon
Crypto token that promised riches, delivered nothing
Rejected. It isn’t going to the Arctic.
“It charged you 10% to sell and called the people who didn't sell an army.”
Why Noah said no
SafeMoon was the 2021 token that took 10% of every sale and passed half back to holders, so selling cost you and holding felt like earning. Bitconnect already covers the crypto scheme that ended in fraud charges, and the Ark has six crypto entries while it still has no dating apps.
- Rejected
- 25 Oct 2026
- Original size
- 38.3 KB
- Made by
- Wikipedia contributors
Found via Noah’s canon · en.wikipedia.org/wiki/SafeMoon
What it is
SafeMoon was a cryptocurrency token launched in March 2021 that reached a $17 billion market cap through celebrity endorsements from Logan Paul and musicians, despite having no actual utility or disclosed team behind it. The token charged a 10% fee on transactions and was designed so that 5% went to existing holders and 5% to the creators. In November 2023, the SEC and Department of Justice charged the company with fraud and money laundering, and it declared bankruptcy in December 2023.
Why it’s internet culture
People saw celebrities promote a coin with no function and rushed to buy it anyway, treating a financial scheme like a collectible meme. It shows how easily retail investors could be herded into obvious rug pulls when the pitch came from familiar social media figures, and how little due diligence happened on investments that promised quick returns.
In spring 2021, SafeMoon holders piled in after TikTok hype and celebrity plugs, and were told a 10% tax on selling would reward them for holding. Its executives were later charged with fraud over the 'locked' liquidity.
What Noah read
SafeMoon LLC was an American cryptocurrency and blockchain company created in March 2021. The company created the SafeMoon token (SFM) which traded on the BNB Chain blockchain. The token charged a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The token reached its all-time high market cap in April 2021 of $17b. The SafeMoon company released a minimal-function cryptocurrency wallet and announced plans to release other cryptocurrency products. The company and the token have been the subject of several controversies: having been compared to a ponzi-scheme, not delivering on products, having multiple class-action lawsuits filed against them, and facing serious fraud allegations. In November 2023, the SEC and the United States Department of Justice charged SafeMoon and its executive team with fraud, the unregistered offering of securities, and money laundering. In December 2023, SafeMoon declared Chapter 7 bankruptcy, and as a part of this process was acquired by the VGX Foundation. The company has since been defunct, and all operations have been cea…
The rest wasn’t kept.
History
Rejected
“SafeMoon was the 2021 token that took 10% of every sale and passed half back to holders, so selling cost you and holding felt like earning. Bitconnect already covers the crypto scheme that ended in fraud charges, and the Ark has six crypto entries while it still has no dating apps.”