In a recent unfolding in the cryptocurrency sector, Ape Terminal has come forward to vehemently deny allegations of engaging in fraudulent practices during their Initial DEX Offerings (IDOs). The controversy erupted following accusations by prominent crypto figure KOL Mac (@MacnBTC), who charged that Ape Terminal’s IDO winners were, in fact, its team members, leading to an illicit gain of millions of dollars through the sale of SAVM winner wallets.
Ape Terminal, in a detailed response, refuted these claims, asserting that the SatoshiVM (SAVM) tokens, central to this dispute, were managed by MacnBTC. They clarified that no SAVM fees were sold at zero cost; instead, all fees were transferred directly to Mac. Further complicating the narrative, Ape Terminal accused Mac of holding a substantial amount of unlocked SAVM, targeting liquidity pools, and distributing tokens to acquaintances. This, according to Ape Terminal, resulted in Mac securing over $10 million in profits within a single day.
This counter-statement from Ape Terminal also included data and specifics about Mac’s liquidation activities on SAVM. The allegations from Mac against Ape Terminal were severe, including claims that all winners of Ape Terminal’s Launchpad project were internal team members and that the entity engaged in consistent fraudulent practices across all its IDO releases. Additionally, Mac alleged Ape Terminal imposed a 25% fee and rerouted all SAVM tokens back to the SatoshiVM team, ultimately profiting from the sale of winner wallets.
The dispute has sent ripples through the cryptocurrency community, raising questions about the integrity of IDO processes and the trustworthiness of emerging crypto platforms. As the story develops, stakeholders and enthusiasts alike are keenly observing the unfolding of events, seeking clarity in a situation mired in allegations and counter-allegations.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
