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SatoshiVM and IDO platform clash: What is the truth behind the 10-day wealth creation myth and 'flash crash'?

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In a cryptocurrency industry that emphasizes decentralization, trust is scarce and precious amidst complex and intertwined conflicts of interest.

Original title: "SatoshiVM and IDO platform clash: suspected manipulation by 500,000 crypto KOLs behind the scenes, 300x myth collapses due to uneven interests"

Original source: DeepTechFlow

Do you remember the Bitcoin L2 project SatoshiVM that rose 50 times in one day, with IDO profits of 300 times and promoted by over 280 well-known KOLs?

From the first tweet to the official launch, it only took 10 days to create a Bitcoin concept hot project with a market value of over one billion dollars.

There have been a lot of questions surrounding this project:

Who is the issuer behind this project? How were they able to mobilize over 200 of the most influential KOLs in the cryptocurrency industry for collective promotion in such a short period of time?

According to the SatoshiVM token economics, 15% of the supply is allocated to contributors (KOLs), and the distribution contract 0xe77...5E00 has sent over 1.2 million SAVM (approximately $12 million) to 250 KOLs, of which 50% has been sold on Uniswap.

Someone discovered through testing the contract on the testnet that the technical solution of this project comes from Bool Network. Therefore, it is speculated that SatoshiVM is issued by the Bool Network team. However, according to the investigation by TechFlow reporters from DeepTech, Bool Network only provides a technical solution and is currently focused on Bitcoin verification layer, which can serve all Bitcoin Layer2.

Some people also speculate that the operation behind SatoshiVM comes entirely from the former employees of DAOMaker who created the IDO platform, Ape Terminal. SatoshiVM is precisely issuing IDOs on Ape Terminal.

On January 25th, Ape Terminal and SatoshiVM team had a public dispute due to "interest disputes", exposing the "scandal" behind the mutual exposure.

First of all, MacnBTC, a well-known KOL with 500,000 followers who has been promoting SatoshiVM, challenged Ape Terminal. He claimed that Ape Terminal deceived everyone and did not conduct a fair public sale. There were 200,000 wallet applications for IDO participation, but only 10 winners were selected each time, and all winners were members of the Ape Terminal team. In addition, Ape Terminal also charged a 25% handling fee.

Although the Ape Terminal team returned the IDO portion fee to the Satoshivm team, they earned millions of dollars by selling rat's nest wallets.

SatoshiVM official Twitter confirmed that Ape Terminal has returned 25% of the fees for its IDO, totaling $52,000 SAVM, to the SatoshiVM treasury.

In response to the accusations, Ape Terminal released a statement to counterattack, claiming that SAVM is a project founded by the well-known KOL MacnBTC.

"SAVM is a bittersweet event for Ape Terminal. Mac and his KOL friends made over 20 million US dollars in profit by selling in their own community."

Ape Terminal provided detailed information on interacting with Mac and recording token settlements through a Google document.

From the perspective of Ape Terminal, they have become the scapegoats for MAC.

Regarding this, MAC responded that he is an advisor to the SatoshiVM team and works closely with them. He introduced Ape Terminal to the SatoshiVM team. However, after the SatoshiVM team achieved success, he was attacked out of context and accused of grabbing liquidity. In fact, it was someone else who did it, not him.

Due to a dispute, the SAVM token has dropped over 30% in the past 24 hours.

The world is bustling for profit, and the world of encryption is no exception. Perhaps from the beginning, no one expected this project to be so "successful" that after the generous distribution of chips, many people felt that their interests were being infringed upon.

Currently, KOLs, project parties, and IDO platforms each have their own words, and perhaps only they know the truth. However, in a trustless cryptocurrency industry, trust itself is scarce and precious amidst complex and intertwined disputes over interests.

Human nature is always susceptible to temptation.