SafeMoon V2

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.