Barstool Sports founder Dave Portnoy saw his investment in SafeMoon (SAFEMOON) drop more than 94%, showing crypto enthusiasts that he can actually “hold” during the bear market.
On Monday, the stock trader and media celebrity took to Twitter to mourn the $40,000 investment meme coin now dropped to $2,360.94 after not withdrawing a single coin.
Portnoy also stated that SafeMoon allegedly sued him. Although the “garbage disposal” did not go into much detail, he explained the project in his program. Portnoy, the lead singer of SafeMoon’s sales executive Barstool Sports, gives the firm ” a bad appearance and unfair representation.”
Portnoy has experience with cryptocurrencies by buying Bitcoin (BTC) in August 2020 to sell after only a week due to volatility. He eventually regretted the lack of commitment and continued to place numerous crypto bets, including the following Safe Moon.
SafeMoon was down more than 99% from its all-time high of $0.000001399 in April 2021. A negative 86% lifetime ROI of the coin.
HashEx, a blockchain security organization, evaluated the project in May 2021. The business discovered 12 smart contract flaws, including at that time ‘temporary renouncement of ownership,” which made it extremely vulnerable to carpet pulling.