SafeMoon is a cryptocurrency that gained attention for its unique tokenomics and community-driven approach. It aims to incentivize long-term holding by charging a fee on each transaction and redistributing a portion of that fee to existing holders. Additionally, it has features like manual burn events and liquidity locking to create a deflationary supply model.

What happened to Safemoon?

On March 29, 2023, it was revealed that hackers had taken advantage of a weakness in SafeMoon's smart contracts to drain the liquidity pool of almost $9 million USD worth of tokens. As a result, the token's price decreased even more. After reaching an agreement with the team to keep $2 million of the stolen tokens, the hacker agreed to return only 80% ($7 million) of the stolen liquidity.

What is the Safemoon lawsuit?

A lawsuit claims that the creators of SafeMoon and the famous people who supported the coin defrauded investors through a "pump and dump" scheme. The lawsuit claimed that by inflating the price of the tokens artificially through fabrications, its creators had defrauded investors. A buyer of the SafeMoon cryptocurrency token has since announced that he is tentatively renouncing his class-action lawsuit.