The founder of Barstool Sports sold bitcoin in a panic in 2020 and has shown a passing interest in digital assets ever since.
Barstool Sports founder Dave Portnoy watched his investment in SafeMoon (SAFEMOON) fall over 94%, proving to crypto enthusiasts that he is indeed capable of staying put during a bear market.
The stock trader and media personality took to Twitter on Monday to lament his $40,000 memcoin investment, which fell to just $2,370.94 after he failed to withdraw any tokens. “By the way, it’s holding on,” said Portnoy. “Diamond Hands”
Portnoy claimed that SafeMoon was also suing him, possibly for “destroying” the project on his show, but did not elaborate. In a separate tweet, Portnoy shared a screenshot of SafeMoon’s sales manager expressing his displeasure with the Barstool Sports frontman for the company “looking bad and being portrayed unfairly.” Portnoy “mentioned his losses at SafeMoon on air, but didn’t mention that he hadn’t upgraded his holdings to V2 yet,” the manager said.
Portnoy is no stranger to cryptocurrencies, having bought bitcoin (BTC) in August 2020 only to sell it a week later due to volatility. He later expressed regret over his insecurities and made several side bets on cryptocurrencies, including SafeMoon.
See also: Dogecoin Founder Opposes ‘Meme Coins’
In terms of prices, according to CoinMarketCap, SafeMoon is down over 99% from its all-time high of $0.00001399 in April 2021. The coin has a negative 86% lifetime return.
SafeMoon was vetted by blockchain security firm HashEx in May 2021. At the time, the company identified 12 vulnerabilities in smart contracts, including a “temporary relinquishment” that made it especially vulnerable to carpet pulling.