Bitcoin Layer-2 SatoshiVM (SAVM) Faces FUD

The layer-2 solution for Bitcoin, SatoshiVM, has made a tumultuous debut. A heated dispute has erupted between project advisors and the fundraising platform Ape Terminal, leading to a significant drop in the token price (SAVM).

On January 19, SatoshiVM collaborated with Ape Terminal for the token release. By the morning of January 25, MacnBTC, self-claimed advisor to SatoshiVM, publicly criticized Ape Terminal, accusing them of deceiving the project.

A person I considered a friend and ate dinner with a week ago has lied to my face, betrayed and scammed me, several IDOs and the crypto community.@theapeterminal has scammed all of the IDO launches on their platform

200,000 wallets applied to win the IDOs and 10 winners got…

— Mac 🐺 (@MacnBTC) January 24, 2024

MacnBTC stated that out of the 200,000 registered IDO wallets for SatoshiVM on Ape Terminal, only 10 wallets were chosen, all owned by Ape Terminal, despite them pocketing a 25% fee. To substantiate the claims, MacnBTC reposted an article from the bx1 account, alleging that 5 out of the 10 wallets mentioned shared a common pattern and timeline of transactions.

I did a quick scan of the APE terminal IDO winner wallets

Over 200,000 wallets participated but only 10 won. 5/10 wallets got funded $1000 within 7 days from MEXC (4 of these wallets were funded within an 8 hour timeframe) and they have the same selling patterns and timings

The… pic.twitter.com/oe5KzLPeIH

— bx1 (@bx1core) January 25, 2024

The controversy escalated with new information casting further shadows on SatoshiVM. Bubblemaps revealed that 15% of the SAVM token’s supply was held by “Contributors,” influential figures likely to “dump” the token immediately upon receipt. The wallet address 0xe77fb transferred over 1.2 million SAVM, equivalent to $12 million, to 250 influencers, with 50% of this amount immediately sold on Uniswap.

Based on @satoshiVM public tokenomics, 15% of the supply has been sent to “Contributors” (or influencers)

Most of them immediately selling upon receiving the tokens. pic.twitter.com/fTUHaZLkP7

— Bubblemaps (@bubblemaps) January 19, 2024

Lookonchain also found an address closely associated with SatoshiVM selling $1.2 million worth of tokens in the first 48 hours.

A wallet related to the @SatoshiVM team is selling $SAVM!

Wallet”0xfdac” received 420K $SAVM($4.7M) from the @SatoshiVM team wallet.

Then transferred 189,700 $SAVM($2.12M) to 24 new wallets and has sold 124,739 $SAVM for 504 $ETH($1.24M) currently.https://t.co/byXve425jY pic.twitter.com/UgxgXGXvrl

— Lookonchain (@lookonchain) January 22, 2024

Frustrated with the allegations, some investors who participated in SatoshiVM’s private sale confirmed profit-taking but faced intense backlash from the community.

You tell me what’s a good token design for a fair launch where idea was a low six figure raise launched on market at $2M FDV.

You tell me what works and I will incorporate it.

Tell me please Zach, give me a token example, even better.

— murtaza (@murtazasats) January 19, 2024

On Ape Terminal’s side, the platform vehemently denied MacnBTC’s accusations, suggesting that he himself made millions from the deal. Ape Terminal accused MacnBTC of holding a significant amount of unlocked SAVM, attracting liquidity, and gifting tokens to his friends. The platform insisted that after MacnBTC earned over $10 million in a day from SAVM sales, he chose Ape Terminal as a scapegoat.

FUD, MacnBTC, and SAVM —

SAVM is a project founded by a KOL named MacnBTC.

SAVM is a bittersweet event for Ape Terminal. While we are happy it offered a good opportunity for our community, it, unfortunately, enabled a KOL to harvest his own community for millions in profits.…

— Ape Terminal (@theapeterminal) January 24, 2024

In response, MacnBTC stated that all transactions were transparent and vowed to clarify the situation soon. MacnBTC is also threatened with a defamation lawsuit for his posts. The “war of words” shows no signs of cooling down, and azc.news will continue to provide updates to readers.

Ape Terminal says they will sue me for defamation but make 10 false statements in one google document

Everything is verifable on chain and we will publish the findings.

I’m advisor for the SatoshiVM team and have been working closely with them.

I was doing Ape Terminal a… pic.twitter.com/yhhUZB9XMy

— Mac 🐺 (@MacnBTC) January 24, 2024

Chart SAVM

At the onset of the dispute, SAVM experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per token. Despite a momentary surge of several thousand percent in SAVM’s market capitalization to approximately $90 million, according to DEXTools data, the token’s price is currently showing signs of recovery.

4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024

(100 votes)