SatoshiVM Team Wallet Activity and 25% Price Decline Cause Rug Pull Fears
The recently launched cryptocurrency SatoshiVM (SAVM) is being accused of being a scam, with a price decline and suspicions of an exit scam known as a “rug pull” in the crypto community.
SAVM initially saw a quick 20% price increase after its January 19 launch, peaking interest among crypto traders after many social media influencers promoted it. After reports surfaced of concerning activity in a wallet linked to SatoshiVM’s founding team, however, the price dropped by 25% in a matter of hours.
Blockchain analytics firm LookOnChain revealed that the suspicious wallet, labeled “0xfdac”, had received 420,000 SAVM tokens worth $4.7 million from SatoshiVM’s team wallet. The wallet then transferred 189,700 SAVM tokens worth $2.12 million to two dozen newly created wallets. Over 124,000 of those tokens were promptly sold for 504 ETH, equating to $1.24 million.
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
Additional transfers of large SAVM sums were also spotted flowing into new wallets before being converted into Ethereum. The pattern of funding and immediate selling suggests coordinated activity by a single entity.
Despite a recent $1.25 million investment in SAVM by an anonymous whale, fears are mounting that SatoshiVM could be orchestrating a rug pull scam. This is when developers artificially boost a cryptocurrency’s price before cashing out their share, leaving investors holding much less valuable coins.
SatoshiVM raised further
