SatoshiVM and IDO platform clash, 300x myth "flash crash" due to uneven interests

Original Author: Deep Tide TechFlow

Do you remember the Bitcoin L2 project SatoshiVM that surged 50 times in one day, with IDO returns of 300 times, and over 280 well-known KOLs promoting it?

From the first tweet to the official launch of the issuance, it took only 10 days to create a Bitcoin concept hot project with a market value of over 100 million USD.

A lot of questions have arisen around this project:

Who is the issuer behind this project? How could they mobilize over 200 of the most influential KOLs in the crypto space to collectively promote it in such a short time?

According to the SatoshiVM tokenomics, 15% of the supply is allocated to contributors (KOLs), with the allocation contract 0xe77…5E00 sending over 1.2 million SAVM (approximately 12 million USD) to 250 KOLs, of which 50% has already been sold on Uniswap.

Some have discovered through contracts in the testnet that the technical solution for this project comes from Bool Network, leading to speculation that SatoshiVM is issued by the Bool Network team. However, according to Deep Tide TechFlow reporters, Bool Network only provides a technical solution and is currently focused on the Bitcoin validation layer, which can serve all Bitcoin Layer 2s.

Others speculate that the operations behind SatoshiVM come entirely from the IDO platform created by former DAOMaker employees, Ape Terminal, where SatoshiVM conducted its IDO issuance.

On January 25, possibly due to "conflict of interest," Ape Terminal and the SatoshiVM team publicly argued, exposing each other's "scandals."

First, the well-known KOL MacnBTC, who has been leading the promotion of SatoshiVM with 500,000 followers, attacked Ape Terminal, claiming they deceived everyone and that the sale was not fair. There were 200,000 wallets applying to participate in the IDO, but only 10 winners each time, and all winners were members of the Ape Terminal team. Additionally, Ape Terminal charged a 25% fee.

Although the Ape Terminal team refunded part of the IDO fees to the SatoshiVM team, they made millions of dollars by selling off their insider wallets.

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

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

"SAVM is a bittersweet event for Ape Terminal, as Mac and his KOL friends profited over 20 million dollars by dumping it in their own community."

Ape Terminal provided detailed information about their contact with Mac and records of token liquidation through a Google document.

From Ape Terminal's perspective, they have become the scapegoat for MAC.

In response, MAC stated that he is an advisor to the SatoshiVM team and has been working closely with them, introducing Ape Terminal to the SatoshiVM team. However, after the SatoshiVM team achieved success, he was attacked out of context, claiming he did not seize liquidity, but rather someone else did.

Due to the infighting, the SAVM token dropped over 30% in 24 hours.

All the hustle and bustle in the world is for profit, and the crypto world is no different. Perhaps no one anticipated that this project would be so "successful" from the start, leading many to feel their interests were infringed upon after generously giving out chips.

Currently, KOLs, project parties, and IDO platforms each have their own narratives, and the truth may only be known to them. However, in a crypto industry that emphasizes decentralization, trust itself appears to be scarce and precious amidst the intricate web of conflicting interests.

Human nature always struggles to withstand the test.