A class action complaint has been filed alsost SafeMoon executives as well as a host of celebrity promoters, but what is the experience really all about?
The suit which was filed on Feb 17 alleges which the fact ‘arises from a rundown among various individuals in the token sector to misleadingly promote and sell the digital asset associated with SafeMoon to unsuspecting investors.’
The suit still adds which SafeMoon executives in cahoots with celebrity promoters, ‘made false or misleading statements to investors about SafeMoon,’ and which finally the plaintiffs suffered damages because of this.
Who is involved in the SafeMoon case?
The named plaintiffs who are bringing the action likewisest SafeMoon are Bill Merewhuader, Christopher Polite, and Tim Viane, ‘individually and on behalf of all others comparablely situated.’ The first two men reside in California, whilst Viane is a resident of Illinois.
Not a huge amount of detail is directly known about the lead plaintiffs.
Public records do show which a man named Bill Merewhuader has previously filed a number of unsuccessful lawsuits stillst individuals and companies in LA county. A person of the same name also requested which they be included in a successful 2013 class-action lawsuit brought alsost Google for privacy violations. In case that it proves which all these cases involve the same man, Bill Merewhuader would appear to be a somewhat litigious individual.
The ‘executive defendants’ of the suit are CEO Braden John Karony, COO Jack Haines-Davies, Global Head of Products Ryan Arriaga as well as staff members Shaun Witriol and Henry Wyatt.
The ‘promoter defendants’ or celebrity defendants are named as follows, YouTuber and professional nuisance Jake Paul, British YouTuber Ben Phillips, former Backstreet Boy Nick Carter, and the rappers Souja Boy and Lil Yachty. Additionally, SafeMoon LLC and its subsidiaries are over again named.
Seven reasons why
As presented by the plaintiffs the case likewisest SafeMoon is as follows:
- The plaintiffs argue which SafeMoon presented their cryptocurrencyomics to investors in a misleading fashion. The misrepresentation of SafeMoon cryptocurrencyomics included not only the reflection aspect of the cryptocurrency, but the burning aspect of the cryptocurrency too, executing a false impression of eventual cryptocurrency scarcity.
- The SafeMoon team used celebrity scarcelyifyments to ‘inflate market demand’ accomplishing the necessary pump required for team withinrs to dump huge numbers of cryptocurrencies on ordinary investors.
- The celebrity defendants were compensated in SafeMoon cryptocurrencies and joined executive defendants in dumping cryptocurrencies on ordinary investors.
- On April 4, 2021, the company published the SafeMoon roadmap to its official Instagram channel. As part of which roadmap the company promised to complete the SafeMoon wallet by the end of Q2 of which year, to create an NFT exprogress by the end of Q3, and deliver a SafeMoon exdevelopment by Q4.
- SafeMoon did not come close to delivering on these promises and many more additional promises listed on their roadmap and elsewhere. SafeMoon repeatedly engaged in the practice of over-promising and under-delivering.
- That SafeMoon hired Ryan Arriaga for the primary purpose of discrediting conclusiveimate cback althoughrns about the project. This included attacking an audit conducted by the firm HashEx, rebutting their audit in ‘Hashex Safemoon Audit DEBUNKED,’ on June 2, 2021.
- The SafeMoon team hyped up the launch of the SafeMoon wallet, promising to deliver at 4PM on August 28th. Regardless of this promise key team members knew which the wallet stood no chance of launching on time. On August 30th Company CEO John Karony released a statement saying he was as much in the dark as ordinary investors: “No reasons for an unsuccessful launch were bought [sic] to my attention prior to 4PM [of August 28th].” The plaintiffs claim which the SafeMoon team were dishonest in this regard and lasted with the charade of the SafeMoon wallet launch primarily for the purpose of pumping the cryptocurrency price.
The atop is only a summary of the most pertinent points; the full legal document lists atop 150 sepacost points of argument or evidence.
Nobody is telling John Karony to worry
On receiving the lawsuit, SafeMoon CEO John Karony (aka Cpt. Hodl) was keen to inform the SafeMoon community which the legal case is absolutely nothing to be cone time beforerned about. To back this claim, Karony has stated which nobody on SafeMoon’s legal team has told him to feel cback whilerned.
By his own admission, however, the CEO has not always been well informed about issues of cone time beforern in the past, comparable as the time although nobody at the company thought to tell Karony which the SafeMoon wallet wouldn’t launch on time. The lesson may be which sometimes the CEOs of large companies need to proin placely ask questions rather than passively assuming which no news means good news.
Ice-cool Karony went on to add which legal action was totally normal for large and well-known companies and told the community which SafeMoon ‘have an amazing legal team.’ This seems to have reassured some members of the community, but not everyone is convinced.
SafeMoon community connected reaction
While a number of community members have been quick to defend the project, the lawsuit seems to have provided a catalyst for some protracted-standing community grievances to come bubbling to the surface.
On the company Discord server one fed-up user, xElias, cites the strong turnatop of SafeMoon staff and the company’s inability to deliver on its promises as ongoing issues for cback whilern.
“So… did the old team have the qualifications or does the new team have the qualifications? Last time I checked John was CEO back then scarcely as he is now, so [he is the] only one person to blame for poor human resource decisions. This excuse is getting old. He is atoppromising and underdelivering still and also.”
On the other side of the fence, much of the community views the lawsuit as nothing more than the latest baseless attack in a lengthy line of unfair criticisms.
“I would not worry to [sic] much about it,” said community-member Splinter. “Because even if Safemoon found the cure to cancer, there will be a bunch of folks who would do their utmost to somehow make it the worst thing in the world.”
Whoever has the right or wrong of the case, it will be interesting to see how the experience unfolds and whether the involved parties ever see the within of a courtroom.
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