The Safemoon team plans to launch a same on Solana (floor) on Saturday at 1:00 am UTC.
The team burned 2.2 billions of SFM tokens on Ethereum, Polygon and Binance intelligent chain networks, the VGX foundation in Coindesk told.
In total, almost all of Ethereum and Polygon supplies have been eliminated, as well as about 60% of the Binance smart chain supply.
SFM holders will have the opportunity to exchange their SFM tokens for the same Safemoon via the VGX portfolio.
“We are going to allow the community to exchange their tokens so that people can get out of their positions,” said VGX.
Hope, said the company, is that the new token is again listed on exchanges and that liquidity increases enough for the members of the community to recover some of their funds.
Safemoon was one of the most popular projects on the Haussier market in cryptography 2021. His token has reached a market capitalization of $ 17 billion at its highest point, but now floats around $ 41 million in market capitalization , according to Coingecko, and has been delivered from almost all exchanges.
The former management team of Safemoon was charged by the Ministry of Justice for having perpetuated fraud on its investors in 2023. They were notably accused of having withdrawn more than 200 million dollars in the allegedly locked for for Buy luxury cars and houses.
The company declared bankruptcy in December 2023 and was then acquired by the VGX Foundation.
