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- Dave Portnoy is being sued by a group of people who bought Safemoon based on his investment
- Portnoy chose Safemoon as his adopted shitcoin in May 2021 at the peak of the bull run
- Many people seemingly followed him into the coin, have lost everything as a result, and hold him accountable
Dave Portnoy doesn’t have the best relationship with cryptocurrency, and it got worse yesterday when he revealed that he has been sued over his alleged shilling of Safemoon. Portnoy posted a video on Twitter of a man calling at his home early in the morning to serve him with a lawsuit filed by aggrieved Safemoon investors who lost money when they bought the shitcoin, which Portnoy also invested in. He repeated on Twitter that he told people it “may be a scam” at the time and lamented the lawsuit, mainly because it woke him up early.
Portnoy and Crypto Have a Rocky Relationship
Portnoy, the millionaire founder of Barstool Sports, was first introduced to Bitcoin by the Winklevoss twins in 2020 after years of saying he would never buy it. He eventually bought bitcoin, and a couple of alt coins, but sold shortly afterwards for a loss, then watched his ‘investment’ triple within a few months.
Portnoy stepped back into the space and put $40,000 into Safemoon on May 17th, 2021:
My shitcoin announcement. Invest at your own risk. I have no idea how this works pic.twitter.com/G1iW8iZTWG
— Dave Portnoy (@stoolpresidente) May 17, 2021
In the video announcing the adoption of Safemoon, which is clearly a joke, Portnoy says he doesn’t know why he’s picked it, adding that “it could be a Ponzi”, which presumably will be his defence in these proceedings. What could get Portnoy in trouble however is a line from later in the video:
“Ponzi, Ponzi, Ponzi…if it is a Ponzi, get in on the ground floor.”
Ground Floor? Really?
As it turned out, this was far from the ground floor – in fact, the lift had already hit the penthouse and it was on its way back down. At the time of his video, and his investment, Safemoon had already pulled a 500x move and was at the very start of the downward hill that the coin has been on for over a year.
Pornoty is now down 94% on his investment, and it seems that others who followed him into the shitcoin sewer are looking for a scapegoat:
Are you fucking shitting me? I woke up today to this guy pounding on my door at 8am for 10 minutes straight. Thought I was under attack. Nope just telling me I was getting sued for schilling @safemoon Im only guy who loses all his money in @safemoon and gets sued for it pic.twitter.com/BNrDHK0GgX
— Dave Portnoy (@stoolpresidente) August 8, 2022
Portnoy may have considered his investment video a joke, but it seems that a handful of people are taking it very seriously indeed. Then again, if you’re dumb enough to think that a video like this is a good reason to buy into a coin, after the guy has already bought it and after it’s up 5,000%, then clearly you have no sense of humour anyway.