SafeMoon is a newly added cryptocurrency that has seen a rise in its rates since its launch in March 2021.
In turn, cryptocurrency exchange platforms such as Binance have been feeling the heat across the world as regulators and governments have started to pay close attention to the operations of such platforms in the wake of the global crackdown on crypto.
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Earlier today, Bitcoin (CRYPTO: BTC) flash crashed to $8,000 on Binance U.S., the American trading platform of the world's top crypto exchange Binance.
SafeMoon doesn't tout itself as a cryptocurrency but instead as a DeFi token, a decentralised finance token. DeFi’s aim is to bring about disruption to the financial world and enable people to lend in peer-to-peer networks without needing a physical bank.
Binance.US currently supports desktop and mobile-based web access upon initial launch, with the promise to provide app version down the road. No matter what type of client is served, the platform guarantees access to the Binance’s matching engine which supports up to 1,400,000 orders per second.
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His tweet Friday said: "Letting you all know I have resigned as CEO of @BinanceUS. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
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Bitcoin operates on its own blockchain, and so does Ether. The Binance Smart Chain is a separate blockchain that inherits many software features and protocols from the Ethereum network. One feature of the Ethereum network (and thus also the BSC) is the ability to host software programs (called smart contracts).
And, while it has big ambitions, its current market value is someway below the $1 dollar threshold - but has experienced a steady increase in price since its launch.
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Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.
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However, about 310 users suffered a more serious breach, including the release of their names, birthdays, and zip codes.
At 6am on Tuesday 9 November, Ethereum reached $4,842.54 according to Coinbase, setting a new record for the popular cryptocurrency synonymous with the rising crypto trend of NFTs.