Developers of SafeMoon have advertised the launch of 'SafeMoon Wallet' and hyped up the big day, wasting investors money. But hours before the launch they announced ''unforeseen technical issues'' and halted the release of the wallet, giving room to scamsters to make the most out of the situation.
While existing SafeMoon investors know that the Wallet is delayed, new ones who were introduced to the coin through the billboards are gullible to fall prey to scamsters.
Fake 'SafeMoon Wallet' has popped up on Google Play Store in certain parts of Europe and a handful of first-time investors have downloaded the app and given out their personal details during sign-up including their bank accounts. Quite a few ended up putting their money in the wallet only to see it disappear.
Surprisingly, the fake app has a 4.6 star rating on Google Play Store, making it look real, legit and convincing. Also, even during the launch of Shiba Inu's 'Shiba Swap', scamsters created a similar looking website and boosted it on Google and appeared on top of the original website and scammed investors off their money.
As news about the fake wallet made its way into social media, thousands of investors flagged the app as inappropriate by choosing the 'copycat or impersonation' option and reported the fraud to Google.
The app has now been taken down but many investors have vented out on Reddit that they lost money in the fake app and don't know what course of action to take to get their money back.
When Will SafeMoon Wallet Really Launch?
Facing immense pressure to deliver on their promises, the developers put out a video on SafeMoon's Twitter handle that read, ''The wallet has been delayed. So what happens next? Our dev team are working tirelessly. The wallet is being perfected. A new release date will be announced soon. More information this Sunday on SafeMoon Twitter space 8:00 PM - BST.'' The caption of the post was ''LET'S TRY THIS AGAIN!'' along with the infamous 'to the moon' emojis.
SafeMoon, which rose to 50% last week due to the hype surrounding the wallet launch, began trading in red and has fallen 95% from its all time high (ATH) of $0.00001094 on May 11, 2021. At the time of publishing, SafeMoon was trading at $0.000002351 and is down -1.19% in the days trade.
The International Business Times advises investors not to download fake apps/wallets, be on guard about rug pulls and stay alert in keeping your hard-earned money safe from the wrong-doings of the crypto market.