The cryptocurrency community has been rocked by a controversy surrounding the launch of the SatoshiVM (SAVM) token, which saw its value plummet by as much as 38%. The dispute centers on the recent Initial DEX Offering (IDO) conducted on Ape Terminal, a decentralized exchange (DEX) fundraising platform.
The SAVM token launch controversy allegations of scam and profits
The dispute began when one of SatoshiVM’s advisers, known as “MacnBTC,” accused Ape Terminal of orchestrating a scam during the SAVM token launch. MacnBTC alleged that all 210,000 SAVM token allocations were given to Ape Terminal’s team members, rather than being distributed from a pool of entrants. This accusation ignited a heated exchange between the two parties.
The controversy erupted following the launchpad event for SAVM. Ape Terminal, known for its role as a launchpad for cryptocurrency projects seeking to conduct IDOs, vehemently denied the allegations made by MacnBTC. They instead claimed that it was MacnBTC who had “sniped” the token sales and profited from them.
MacnBTC took to social media to voice his grievances, stating that he felt betrayed and scammed by Ape Terminal. He alleged that out of the 200,000 wallets that applied for the SAVM IDO, all ten winners were members of the Ape Terminal team.
Furthermore, MacnBTC shared an analysis by “bx1,” claiming that five out of these ten wallets exhibited similar selling patterns and timings.
Counterclaims and Accusations
Ape Terminal responded by refuting the accusations and alleging that MacnBTC was the one who profited substantially from the token sales. They argued that MacnBTC had a significant amount of unlocked SAVM tokens and had been involved in sniping liquidity and distributing tokens to his friends. Ape Terminal even claimed that MacnBTC had made over $10 million in profits from SAVM sales in a single day.
The back-and-forth between the two parties escalated, with both sides presenting their version of events and accusing each other of wrongdoing. MacnBTC maintained that all the information was verifiable on the blockchain and promised to publish his findings. He also mentioned that he had been threatened with a defamation lawsuit due to his posts.
On-chain investigator’s perspective
On-chain investigator ZachXBT weighed in on the controversy, emphasizing that both Ape Terminal and MacnBTC had acted dishonestly towards their users and followers. ZachXBT had previously warned about individuals promoting the SAVM launch, suggesting they might have had an allocation and could potentially sell their tokens at a profit.
Market impact and recovery
The SAVM token experienced a sharp decline, dropping to $6.28 within a short three-hour window following MacnBTC’s initial social media post. However, at the time of publication, it had rebounded to $7. The incident highlights the volatility and susceptibility to market sentiment that cryptocurrency projects often face.