Amid a verbal spat between one of its advisors and crowdfunding site Ape Terminal after a potentially contentious token launch last week, the recently minted SatoshiVM (SAVM) token fell as much as 38%. The contentious debate has its roots in an introduction event for SAVM, SatoshiVM’s new coin, which went live on January 19. Ape Terminal is a DEX funding tool or “launchpad” for cryptocurrency projects wanting to put out a new token via an Initial DEX Offering. Based on contributions, SatoshiVM is a layer 2 Bitcoin solution that uses zero-knowledge rollup technology.
The platform is alleged of having “scammed” the latest SVM IDO by awarding all 210,000 SAVM currency allotments to its Ape Terminal’s staff members rather than selecting from a pool of participants, according to “MacnBTC,” a purported consultant to SatoshiVM.
Ape Terminal Says They Never Sold Fees Given By SatoshiVM
The allegations have been vehemently refuted by Ape Terminal, which maintains that MacnBTC was the one who “sniped” and made money from the coin sales. Ten wallets were selected out of the 200K that registered for the SVM IDO, according to a post made by MacnBTC on X on January 24. However, all of the selected winners were members of the Ape Terminal. Subsequently, he shared a study by “bx1” asserting that five out of the 10 wallets exhibit comparable selling trends and timings.
Additionally, MacnBTC asserted, that a 25 percent fee had been taken and that selling the winning wallets brought them millions of dollars, but they gave the @satoshivm team back all of their $SAVM tokens..” Ape Terminal retaliated, stating that MacnBTC had been the one generating “millions” and that it had never sold fees received from SAVM. The Ape Terminal group asserted, that Mac gifted his pals tokens, sniped liquidity, and possessed enormous quantities of unlocked SAVM.
