Marketing assets

Former Safemoon Marketing Chief Accused of Running $12M Crypto Scam

As the bitcoin market matures and digital assets gain traction, widespread pump-and-dump tactics proliferate. An example is Safemoon.

In such schemes, well-known individuals use their notoriety to promote a cryptocurrency and thus increase its price, while simultaneously planning a big sale of their remaining supply of the coin at the “inflated” price.

Ben Phillips, a former Safemoon influencer, has been accused of orchestrating a $12 million pump and dump fraud. He is accused of promoting Safemoon through his influence while simultaneously selling millions of tokens.

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SafeMoon has been embroiled in further controversy as YouTuber Stephen Findeisen, aka “Coffeezilla,” brings the charges against Phillips, the company’s former chief marketing officer.

Earn millions of dollars on Safemoon

Ben Phillips, a UK-based influencer best known for his prank videos, has over 4 million YouTube subscribers and, like many other influencers, has been deeply immersed in the world of cryptocurrencies and NFTs.

Phillips has frequently shared and talked about Safemoon – an altcoin project on the Binance Smart Chain (BSC) – but that could be the source of all the complications.

Phillips was constantly selling his Safemoon for millions of dollars, according to the Coffeezilla probe, after pumping it up on his social media and watching the price soar.

BTC total market cap at $761.15 billion on the daily chart | Source: TradingView.com

blow his cover

Phillips posted his wallet information with supporters in a Tweet on April 12 last year, asking them to pay for his Starbucks. This allowed internet sleuth Coffeezilla to investigate a tip he had received as part of a larger investigation into the infamous fraudulent investment gambling token SafeMoon.

Additionally, the YouTuber included images of all tweets in which Phillips made similar remarks, listed in chronological order, as well as specific information about his dumps and even important BscScan URLs that track his transactions.

Phillips bought SafeMoon on PancakeSwap for $4 million in March and sold it for $16 million in December, according to CoffeeZilla’s calculations, earning him a handsome profit of $12 million.

Not so sure

SafeMoon launched in March 2021 and immediately gained tens of thousands of percent. However, in December 2021, the team launched a Version 2 contract at a different contract address, effectively ending the Version 1 contract.

Meanwhile, Phillips has deleted the majority of his posts and his Twitter account now looks as fresh as a daisy. He has generally used harsh language in his tweets, including one in July last year in which he wished a Safemoon whale was “hit by a bus”.

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Featured image from Watcher Guru, chart from TradingView.com