SafeMoon, a Binance Smart Chain coin, has been indicted for employing renowned personalities to tempt traders with fraudulent adverts. The case names Nick Carter, Soulja Boy, Lil Yachty, and YouTubers Jake Paul and Ben Phillips.

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The case alleged that SafeMoon and its branches copied pyramid strategies by luring people into venturing into the coin under the premise of unattainable gains.

As per reports, the paid personalities urged their supporters to trade SafeMoon by emphasizing the ecosystem's 'burn' and 'tokenomics' as the essential factor for the coin's value future.

The indictment also details other cases where the said celeb raised the token's transaction amount and value. While SafeMoon had experienced significant development for many months, the sudden exit of the company's bosses was the catalyst for the coin's depreciation.

The lawsuit claims that the personalities engaged attempted a "slow rug pull," meaning a gradual sales of shares while transaction frequency from normal traders stays overstated:

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The action, which was written by complainants Bill Merewhuader, Christopher Polite, and Tim Viane, seeks to defend and recompense all anyone who purchased SafeMoon coins between March 8, 2021, and was vulnerable to the claimed rug pull effort.

A representation of Decentralization

In a report published recently, Crypto.com revealed its renaming. The firm made it known that the updated name is intended to symbolize the "decentralized token and phenomenal progress of the Cronos environment,."

When queried the relationship, the firm stated that it appreciates many dapp developers who work on Cronos to create applications. A large percentage are not "officially affiliated" with the firm.

According to the statement, "the Cronos network indicates the next key milestone in the acceptance and exploitation of Web3 by many individuals."

Cronos is a blockchain ecosystem released in November by Crypto.com and is interoperable with the Ethereum Virtual Machine (EVM).

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CoinGecko, a well-known cryptocurrency price tracking system, has CRO featured under the new name as of this writing. It is now ranked 17th, with a market capitalization of $11 billion. While CoinMarketCap still refers to the token as a "Crypto.com coin."

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Since its inception, the Cronos chain has seen tremendous acceptance. On-chain, it already has over 350,000 accounts, $15 million in transaction activity, and $2.5 billion in TVL. In less than 16 weeks, it has risen to tenth place among DeFi platforms in terms of value locked.

New participants are being asked to submit a proposal to be funded by Crypto.com's $100 million ecosystems capital at Particle B. A minimum of 120 developers have been created on the network.