Some crypto projects make outlandish claims while largely flying under the radar of the press, all the while building up large followings of retail investors organically. Safuu is one such project. It has almost 47,000 Twitter followers, 32,000 Discord members and a claim that it can turn $1,000 into almost $4 million in a year.
Why it matters: Crypto may or may not be key technology for the future internet-of-value, but it's definitely beset with dodgy projects right now. Sometimes it's worth digging into these things so people know the danger signs.
The following will present the basic facts of Safuu, but there's more to unpack here, for sure.
How it works: Safuu doesn't really present a problem in the world that it's trying to solve. From its documentation:
Here's what it does:
Every time safuu is bought or sold, 2.5% of the tokens in the transaction are destroyed (or is it 6.5%?). In crypto, this is seen as a de facto redistribution to everyone who holds safuu.
After initially responding to Axios via Twitter DM, Safuu CEO Bryan Legend never agreed to discuss the project.
By the numbers: Safuu advertises an astronomical 383,000% annual interest rate. To be fair, that's in crypto terms. That said, it does also present those returns in dollar terms in its docs.
Between the lines: There are 157,000+ wallets that hold SAFUU, according to BSCScan, the explorer for the Binance Smart Chain, where Safuu runs. Lots of these are probably wallets run by companies and insiders, of course.
State of play: The token has been falling consistently, from $310 in March, down to about $10.58, as of this writing.
Of note: The name "Safuu" references the word "safu," which has become crypto-speak for "safe." For example, the Binance exchange self-insures with its SAFU Fund.
What's next: Safuu is developing its own blockchain, so it can port its operations off the Binance Smart Chain onto a space that it controls completely.
Go deeper: The YouTube crypto investigator, Coffeezilla, dug into Safuu, poking at the background of its CEO and looking at where funds seemed to go.
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