SafeMoon V2
Crypto Overview
Overview
SafeMoon V2 is a cryptocurrency that launched in December 2021 as an upgraded version of the original SafeMoon token. The project claims to be a DeFi token focusing on creating a secure ecosystem for trading and payments.
Stated Purpose & Utility
SafeMoon V2's stated purposes include: serving as a digital currency for payments, operating a decentralized exchange (SafeMoon Swap), and developing blockchain technology products. The token implements a 10% transaction tax, with portions allocated to liquidity pools and token burns.
Development & Implementation
The project has faced significant challenges and controversies. In 2023, the SEC charged SafeMoon's founders with fraud, alleging they misappropriated investor funds. The project's founder and CEO, John Karony, was arrested in July 2023 related to these charges.
Token Distribution & Governance
Initial token distribution heavily favored the founding team. The SEC's investigation revealed that founders allegedly manipulated token prices and misused investor funds for personal expenses.
Current Usage
While the token continues to trade on some exchanges, its practical utility implementation has been minimal. The promised developments, including their own blockchain and exchange, have not materialized as intended.
Crypto Impact
To assign a comfort level investing in SafeMoon V2 from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to SafeMoon V2.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.