After the substantial rise in price, the unknown developers of the token appointed Braden John Karony as the CEO of Safemoon and registered as a Limited liability company with aims of providing utility to the token. At that time, Vice said that 'cryptocurrencies like SafeMoon still have no real-world use.' These celebrities were later sued by many SafeMoon investors as part of a class-action lawsuit branding SafeMoon to be a part of a pump and dump scheme. Upon release, Vice reported that between March 14 and April 21 of 2021, SafeMoon increased in value by 23,225% following celebrity endorsements from musicians Lil' Yachty and Nick Carter, YouTuber Logan Paul, social media hype, new exchange listings, and retail investors. The token had no utility and team when it was launched. The token was released with the slogan of landing 'Safely to the moon', derived from the slang phrase used in the cryptocurrency community 'To the moon' which is used to describe a crypto token 'to quickly rise in price'. In November 2023, the SEC and the DoJ charged SafeMoon and its executive team with fraud, the unregistered offering of securities, and money laundering. The company and the token have been the subject of several controversies since conception by being compared to a ponzi-scheme, not delivering on products, having multiple class-action lawsuits filed against them, and facing serious fraud allegations. The SafeMoon company has released a minimal-function cryptocurrency wallet and has announced plans to release other cryptocurrency products. As of December 2022, it has since dropped 98.7% in value to $223m. The token reached its all time high market cap in April 2021 of $17b. The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin's authors. The company also has a SafeMoon token (SFM) which trades on the BNB Chain blockchain. SafeMoon LLC is a cryptocurrency and blockchain company created in March 2021.

Safemoon binance listing