Posts about Safemoon
Edit: I had to rush to make this as news was breaking while I was preparing notes.. I didn’t mention that this case was found by the excellent team at Crypto Cynics, led by Bootsy - I alerted him to the possibility of addition suits John may be involved in and he searched the US court records and found this case.
This is probably the most explosive thing I've read about Safemoon, and for me the bar for John Karony was already low as hell, but somehow he's managed to scrape the earth away and slide his belly under it.
The case is between two groups:
Lex Vest (Investing company, plaintiffs)
Emanations Communications Group (His Mother's company, defendants)
I need to summarise this super super quick, for context. Feel free to skip it to see the juicy information below.
The context is John's mother [name changed to Janet] started a company called Emanations Communications Group, or ECG. ECG is working in The Gambia on a new antenna technology. John Karony agreed a 33.34% stake in the company & future profits, and invested $5,000,000 between June 2021 and March 2022. This is money he took from Safemoon's liquidity pools AKA holders own money.
Towards the end of 2021, John's reckless actions with Safemoon (poor communications, poor timekeeping, lies, broken promises and some blockchain theft becoming publicly evident) caused Janet Karony & ECG to put John at arms length as they didn't want ECG tainted with his image.
Janet Karony then sought additional funding from Lex Vest - an investment group who agreed a loan of $1,000,000 to keep operations at ECG going. She signed a deal which had certain clauses & conditions in, and if this contract was breached it would result in LEX VEST SEIZING ECG & INTELLECTUAL PROPERTIES as collateral for the loan.
How does a narcissist take this information? Not well, usually. John then proceeds to threaten lawsuits against his own fucking mother in order to try and wrestle control back as he felt he wasn't getting anything for his $5m investment. This triggered the terms of Lex Vest's agreement that states they can seize assets and they accordingly took control of ECG & all assets & IP's.
In summary, John's public candor & management of Safemoon caused his mother's company to distance themselves from him, and by having a shit fit and threatening to sue his mother, Lex Vest took the company from both of them, so now John is legitimately suing his mother & has filed as a Movant in the case, where he is claiming she committed fraud and embezzled funds. He is registered on this case along with his shell companies - Ronin Real Estate & Ronin Energy.
I've included some excerpts from the case which are particularly fucking wild, and most of these come from his own Mother's sworn testimony under penalty of perjury. For your viewing pleasure:
28 - John Karony gained his interest in ECG through a capital funding commitment of $5,000,000. He fully satisfied his capital funding commitment by paying at least $5,000,000. 29 - John Karony provided the funding in tranches in June or July 2021 (at approximately the time of the formation of ECG), November 2021, December 2021, February 2022 and on March 25, 2022.
30 - During certain times after making his investment, John demanded payment of utilities and other personal expenses to be imposed on ECG funds to satisfy his outstanding personal bills in the amount in excess of $50,000.
33 - ECG determined that John Karony created too many regulatory risks and that due to lawsuits filed against him and his company, ECG was uncomfortable accepting any more capital investments from him.
36 - In December 2021, intellectual property was shown and provided to John related to hydrophobic and hydrophilic technology developed at the request of John. This diversion of time and attention was done when ongoing work on the antenna project was of priority.
39 - After June 2021, John has been disclosing more information about developing technology of ECG for the benefit of his crypto currency business Safe Moon. 40 - John demanded receipts of ECG Op’s related to technology expenses so he could make claims on Social Media and SafeMoon’s website about the technology Case 2:22-cv-01226-ART-BNW Document 24 Filed 09/09/22 Page 22 of 78 being developed through his personal investment. He was counseled not to do so because of potential adverse effects on pending and future patents and other intellectual property. He proceeded contrary to the wishes of the ECG entities.
42 - Nevertheless, in March 2022, facing a deadline to create value and seeking a solution promised on Social Media by John to show progress for his cryptocurrency’s on or before their one year anniversary, John reached out to and received an invitation from our business partners in The Gambia. Their partners ... are dual US and Gambian citizen, ... Ambassador at-large Sankung Jawara and Pa Alieu Jawara, ... who works with The Gambia’s National Police Force as head of Anti-corruption, and the Serious Crimes divisions.
The project in question was the opportunity for John to invest in a proposed reinstatement of the country’s defunct Agricultural bank.
A brick and mortar bank would be immeasurably beneficial to John’s cryptocurrency company SafeMoon as it would allow crypto to be exchanged into fiat currency. ... To that extent, John was extended the courtesy of an invitation based on being our son. ... Sankung and Pa Alieu, giving John the benefit of the doubt, and in hopes of creating a reconciliation opportunity between mother and son, agreed to allow him to present his business plan and agreed with the request that they would attempt to persuade me to move forward if John’s business proposal was in the best interest of all parties. ... Instead at the conclusion of the last trip, John with John’s counsel present, offered Sankung and Pa an upfront payment $350,000 to cut Janet out of the transaction. ... Sankung and Pa Alieu refused. John then expressed a belief that Sankung and Pa Alieu were misrepresenting the process of approval for the proposed Bank and offered them payments of up to $4.5 Million dollars to be paid out over time, with the understanding that Janet was again removed from consideration. Sankung and Pa Alieu refused again not only because of the proposed circumvention of the business partnership with me, but also John’s assertion that there was a way to circumvent the legal and Parliamentary procedures required for John’s desired Bank project.
42 (cont.) - John’s reaction was to improperly transport business assets and property, to include personal property belonging to His Excellency Sankung Jawara, across international borders of The Gambia. ...
75 - Sankung Jawara Ambassador and Pa Alieu Jawara, Interpol representative and Police Officer in charge of Major Crimes and Anti-Corruption have raised serious concerns about John’s unprofessional and unethical conduct. That is when John improperly removed a vehicle from Gambia country by bribing his way across borders instead of filing proper paperwork and leaving in accordance with international law and regulations.
45 - John began calling the labs of ECG and ECG Ops DarkMoon and Area 32. I, Janet, repeatedly counseled and hosted John for months, explaining the risk to his personal investment and company by continuing to disparagingly refer to the labs as DarkMoon and Area 32. ECG wanted no such taint to be associated with such designation.
47 - Per ECG Operations Agreement and in the hopes of mitigating additional harm and our members irreconcilable differences, ECG exercised its right to a buy out on August 5, 2022. He refuses to discuss a money pay-back/buyout of his membership interest
73 - ECG Energy was created at the same time as ECG IP and was specifically established to be used for Ronin ’s wind turbine project. John was given a license to the wind turbine technology and the technology of a pending patent developed during December 2021. Despite repeated requests from ECG for a business plan and budget, John never prepared. John did not provide a business plan or a business proposal for the wind turbine to continue so there were no additional records to provide for these entities. John and Ronin later walked away from this entity and discontinued using it by January 2022.
75 - The reason the Ronin wind turbine project fell flat was because John prepared no business plan or further budget. He dropped it.
77 - Due to his social media comments, it became apparent the John was not interested in the content of the financial documents, but was looking for opportunities take pictures of the lab to substantiate his published claims of “owning” our labs which he called Area 32 or DarkMoon. As of August 27, 2022 John continues to makes false claims to include his reasons for discontinuing his work in West Africa blaming supply chain problems.
J. DEFENDANTS CHANGE THE LOAN DOCUMENTS AND INVENT A DEFAULT SO THAT LEX VEST COULD PURPORT TO SEIZE ALL THE PROPERTY OF ECG AND THE ECG SPEs AND TAKE OWNERSHIP OF IT TO THE DETRIMENT OF JOHN KARONY.
Well there you have it, just when you think someone couldn't sink any lower after scamming millions of investors out of their own money, he sues his own fucking mother.
Moons have a trading volume ~7x higher than Safemoon. If the trade volume:market cap ratio was the same, moons would $24.23 each
I was looking around on coinmarketcap and decided to take my daily hit of hopium.
Currently, Safemoon is ranked #218 on coinmarketcap with a market cap of $272,274,510. Moons are ranked #3406 with a market cap of $9,598,829 (ranking is way lower than it should be with market cap).
Safemoon has a 24h trade volume of $24,782. The marketcap to 24h volume ratio is 10,986.
Moons have a 24h trade volume of $169,169. If Moons had the same marketcap to volume ratio, Moons would have a marketcap of ~$1.87b. As a note, the current marketcap to volume ratio for moons is 56.54.
If moons had a market cap of $1.87b, this would be a 194X on the price, meaning instead of one moon being $0.1247, it would be $24.23.
Now, obviously a comparison to safemoon isn't a great one, but when comparing the 24h trading volume (and this is only on 2 exchanges) with other tokens, moons fall closer to the volume of coins with a $50m-$100m market cap, suggesting the interest in moons in greater than the price reflection, meaning they are potentially undervalued.
The high trading volume also can be seen as bullish news for more exchanges to pick up moons. Only time will tell, but I'm super excited for the future of moons!
I don't know how else to say this but....I think SafeMoon might actually be dying. All the HODL'ers and SafeMooners actually seem to be giving up. The bears woke up from hibernation just before winter and started devouring everything in sight. SafeMoon seems to have been one of the first spotted.
You should know, as one of the posts say, SafeMoon is would have to shoot up 3000% reach its ATH. It's unfortunate that a lot of SM'ers bought near it's highs in mid-2021. There are somehow still users who don't know about the 100% "tax" on SafeMoon V1 transfers and end up losing everything after a transfer. Still users lacking info on the SM V2 the 2% fee on transfers between Safemoon wallets and losing tons. Still users holding bags from the SM 10% Buy/Sell fee. All things likely just meant to force users to not sell and to hold SM to prop up the price while they gain no value from the project. At least, the the 1000:1 consolidation from token value V1 to V2 does preserve the fiat value of tokens but I also think it could be heavily abused by some dev/project managers easily obtaining SM tokens which are now 1000x more valuable.
I guess if nothing else, the bear market will clean up the space and only the best projects that offer real value with survive. I think there a real lesson to be learned here even if it's obvious to some or most but obvious not enough people.
My Safemoon value is around $1k. The beginning of every month (least for the past year) I add $200 to my bag. At the end of every month, my account goes back to $1000 in Safemoon. The cycle is so predictable. At this rate I should hit a 10M bag by end of Q1 next year
You've said you're busy on building products but you’ve had / have more than enough resources to make a vital hire for this kind of work - e.g. a communications / PR manager to keep in touch with the community that got you there in the first place.
You could even hire someone off Fiverr for a few hundred bucks a week which let’s face it is nothing for a company of your size, with the resources on hand largely provided by us, the community.
Given the obvious fact that many people who believe in SafeMoon lost a lot of their money and faith, isn’t the decent thing to do to keep them updated with where things are going?
I personally went from £2k to £150k whilst recovering from a brain injury and didn’t cash out because I trusted in the team. That money would’ve bought me a new life and higher chance of recovery (and yes I realise how stupid I was but I hold my hands up and admit the insanity). Did I trust the wrong people? I'd love to be proven wrong but the lack of communication and follow through makes it hard to feel otherwise.
Some kind of communication (integrity > hype) and hope on the horizon for the community would have meant a lot to a lot of people.
I just don’t understand why a) you wouldn’t want to do that if you’re building these things, b) if you’re not building these things..why scupper an amazing opportunity to become a solid brand?