Dave Portnoy's SafeMoon position is down 94%, claims he's being sued by project

Published at: Aug. 8, 2022

Barstool Sports founder Dave Portnoy has watched his investment in SafeMoon (SAFEMOON) crash by over 94%, proving to crypto enthusiasts that he is, in fact, capable of hodling during the bear market. 

The stock trader and media personality took to Twitter Monday to lament his $40,000 investment in the meme coin, which has fallen to just $2,370.94 after he didn’t withdraw a single token. “Still holding by the way,” Portnoy said. “Diamond hands.”

I put 40k into @safemoon I haven’t withdrawn any. It’s not worth 2.3k. And I’m being sued. https://t.co/qRAyBegQMm

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy claimed that he’s also being sued by SafeMoon, possibly for “trashing” the project on his show, but didn’t elaborate much further. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing displeasure with the Barstool frontman for giving the company “a bad look and unfair representation.” Portnoy “mentioned his SafeMoon losses on air but failed to mention he hasn’t upgraded his holdings to V2 yet,” the manager complained.

And let’s not forget when @safemoon themselves complained about me trashing them. pic.twitter.com/1Fg2i9lijC

— Dave Portnoy (@stoolpresidente) August 8, 2022

Portnoy is no stranger to cryptocurrencies, having bought Bitcoin (BTC) in August 2020 only to sell it one week later due to volatility. He later expressed regret over his lack of conviction and went on to make several additional bets on cryptos, which included SafeMoon.

Related: Dogecoin founder speaks out against ‘meme coins’

As far as prices go, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021, according to CoinMarketCap. The coin has a lifetime return on investment of negative 86%. 

SafeMoon was audited in May 2021 by blockchain security firm HashEx. At the time, the firm identified 12 smart contract vulnerabilities, including a “temporary ownership renounce” that made it especially prone to a rug pull.

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