Safuu price crashes

An Aussie who ran a cryptocurrency Safuu from a Surfers Paradise high-rise apartment was paid $100,000-a-week salary as the value of Safuu fell dramatically.

Bryan Legend. Picture: YouTube

An Aussie who ran a cryptocurrency Safuu from a Surfers Paradise high-rise apartment was paid $100,000-a-week salary as the value of Safuu fell dramatically.

Online sceptics have been critical of Safuu as the value of his crypto token has dropped by 99 per cent in a little over eight months and, but the CEO of Safuu has defended his the token.

Earlier this year Safuu – a 150,000-investor-strong crypto project that advertises annual returns of more than 300 per cent.

Safuu is CEO Bryan Legend’s fourth foray into crypto. His past three businesses failed.

The Safuu enterprise rests on a crypto token of the same name.

Unlike more popular cryptocurrencies like Bitcoin, investors can’t buy much with Safuu. Supported by the Safuu Treasury and insured by the Safuu Insurance Fund, it has no outside utility.

Alongside the token, the Safuu website floats plans such as Safuu Lifestyle, which would deliver “lifestyle retail products” to investors, and Safuu Travel, a company “aiming to get planes in the air”.

“What we have right now I wouldn’t say is true utility, yet, but more utility will definitely be added through the evolution of Safuu to its own Blockchain,” Mr Legend told news.com.au.

“Different tokens still have value to them based on what users define that value as. That’s just the free market.”

Just a few months into the project, Mr Legend announced he would begin taking a $100,000-a-week salary. After 1 week Mr Legend discontinued his salary due to community feedback and reverted back to a nil wage.

Meanwhile, the price of Safuu fell dramatically. After peaking at $493 in March this year, Safuu is down by more than 99 per cent. A Safuu token is now worth about 75 cents.

It’s a trend mirrored by Mr Legend’s past projects. The tokens of Fitrova, Tagz Exchange and Clever DeFi all saw similar peaks before plummeting to near-worthlessness.

Advertisements for Safuu on the London Underground. Picture: Twitter / @seanclarke111

Mr Legend’s multimillion dollar salary announcement was enough to plant the first seeds of doubt in the minds of some investors.

“I am selling out soon regardless of the price on the day,” one user wrote in Safuu’s Reddit thread. “I just lost trust.”

“This is the first event that’s really wavered my trust,” another responded.

Others defended Mr Legend, saying “no one should work without getting paid”.

Mr Legend claimed Safuu’s dramatic fall was the result of a broader downturn in the cryptocurrency market.

“You can’t be successful unless you have this certain amount of hate on the other side, right,” he said.

“If you don’t have anybody that’s trying to tear you down or create negativity at all – which is that fear, uncertainty and doubt – it basically means you’re not doing something right.”

There is little in the way of legal protection for those who lose money investing in crypto. Australians lost $158 million to investment schemes in the first five months of the year, $113 million of which was lost to cryptocurrencies.

“There are some types of (cryptocurrency) transactions that fall within regulatory responsibilities, but much of it doesn’t,” Australian Securities & Investments Commission head of misconduct Brendan Facey told news.com.au.

“Exercise caution when looking at new technologies. Watch out for anything that appears too good to be true.”

Safuu, if successful, would be one of the largest returns in crypto history.

Mr Legend conceded he had a “business failure” in his past, but said he had “learnt from that”.

“(We want) to help people, to make millionaires, to make money,” he said. “I already have money. I want to be on the philanthropy side.”

Mr Legend confirmed that he was paid the weekly $100,000 salary for one week only. He publicly announced on 17 August 2022 that he would not be taking a salary.

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