SatoshiVM Clashes with IDO Platform: Allegedly Orchestrated by Crypto KOL with 500K Followers, 300x Myth Implodes Overnight Due to Profit Dispute
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SatoshiVM Clashes with IDO Platform: Allegedly Orchestrated by Crypto KOL with 500K Followers, 300x Myth Implodes Overnight Due to Profit Dispute
Human nature can never withstand temptation.
Navigating Web3 tides with focused insightsBy TechFlow
Remember SatoshiVM, the Bitcoin L2 project that surged 50x in a single day, delivered 300x returns from its IDO, and was promoted by over 280 well-known KOLs?
From its first tweet to official launch, it took only 10 days to create a hot Bitcoin-related project with a market cap exceeding hundreds of millions of dollars.
Numerous questions have emerged around this project:
Who is behind the issuance of this project? How did it manage to mobilize more than 200 of the most influential KOLs in the crypto space for collective promotion within such a short time?
According to SatoshiVM’s tokenomics, 15% of the supply was allocated to contributors (KOLs). The distribution contract 0xe77…5E00 sent over 1.2 million SAVM (approximately $12 million) to 250 KOLs, with 50% already dumped on Uniswap.
Some discovered through testnet contracts that the project's technical solution originated from Bool Network, leading to speculation that SatoshiVM was launched by the Bool Network team. However, according to an investigation by TechFlow reporters, Bool Network merely provides a technical solution. It currently focuses on the Bitcoin verification layer and can serve all Bitcoin Layer2 projects.
Others speculated that the entire operation behind SatoshiVM came from Ape Terminal, an IDO platform founded by former DAOMaker employees. Indeed, SatoshiVM conducted its IDO on Ape Terminal.
On January 25, due to alleged "profit disputes," Ape Terminal and the SatoshiVM team publicly clashed, exposing each other's "scandals."
First, MacnBTC—a prominent KOL with 500,000 followers who had been leading the promotion of SatoshiVM—accused Ape Terminal of deceiving everyone. He claimed that the sale was not fair: while 200,000 wallets applied to participate in the IDO, only 10 winners were selected each round, and all winners turned out to be Ape Terminal team members. Additionally, Ape Terminal charged a 25% service fee.
Although Ape Terminal returned part of the IDO fees to the SatoshiVM team, it earned millions of dollars by selling pre-loaded "rat wallet" tokens.
The official SatoshiVM Twitter confirmed that Ape Terminal has returned its 25% IDO fee, with a total of 52,000 $SAVM returned to the SatoshiVM treasury.
In response to these accusations, Ape Terminal fired back with a statement claiming that SAVM was actually a project founded by the well-known KOL MacnBTC himself.
"SAVM has been a bittersweet event for Ape Terminal. Mac and his KOL friends profited over $20 million by dumping into their own communities," said Ape Terminal.
Ape Terminal released a Google document detailing its interactions with Mac and records of token liquidations.
In Ape Terminal's view, they became Mac's scapegoat.
In response, Mac stated that he was only an advisor to the SatoshiVM team and had closely collaborated with them, introducing Ape Terminal to the SatoshiVM team. However, after the team's success, he was misrepresented and attacked. He denied front-running liquidity, insisting someone else was responsible.
Due to the public dispute, the SAVM token dropped over 30% within 24 hours.
All are driven by profit—this holds true in the crypto world as well. Perhaps no one anticipated just how "successful" this project would become, leading many to feel their interests were compromised after generously distributing tokens.
Currently, KOLs, project teams, and IDO platforms each tell different stories. The truth may only be known to them. Yet in an industry emphasizing decentralization and trustlessness, trust itself remains scarce and precious amid complex web of利益 entanglements.
Human nature always fails under temptation.
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