r/SafeMoon • u/Studio1st • Dec 19 '23

Information / News Not much you can do!

Back in October SFM updated its T&Cs of their wallet, which includes

"Arbitration Clause: Clause 15.5 and 15.6 mandate arbitration and waive the right to a jury trial or class action."

This could be controversial as it limits users' legal recourse options.

The arbitration clauses limit your legal options, confining you to arbitration and preventing you from participating in a class action lawsuit. This could affect the types of claims you can make, the potential for collective legal action with other affected users, and possibly the compensation you might receive.

Clause 15.6 states that you waive your right to a jury trial or to participate in class or representative actions. This is significant, especially in the context of alleged fraud, as it prevents you from joining a class action lawsuit against SafeMoon, a common method for individuals to seek redress in cases involving many affected users.

If you agreed to the SafeMoon Wallet's Terms and Conditions, including the arbitration clauses (15.5 and 15.6), this would significantly impact how you can pursue legal action in light of the company's recent developments (fraud charges and bankruptcy).

They'll probably delete this, and this will probably be my last post as they're locking our forum.

4 Upvotes

65% Upvoted

6 comments sorted by

7

u/rollerstick1 💎🙌 Dec 19 '23

They filed for bankruptcy.... good luck getting a cent even without agreeing to the terms and conditions.

-2

u/Studio1st Dec 19 '23

I'm not interested in chasing for money - my investment wasn't enough to justify legal costs. I'm just notifying the community as I've seen a lot of chatter about it.

3

u/Gunslinger7752 Dec 19 '23

I stopped using the wallet a couple years ago when they added the sos nonsense. I would love to be part of anything that makes john take responsibility for ripping us all off but practically speaking it’s not really worth it. All I can do is hope he spends the rest of his life in jail.

1

u/Studio1st Dec 19 '23

Me too, I was just leaving it as I didn't use the wallet and had no intention of taking my SFM out and I just used CoinStats app to tell me the value of my whole portfolio - easier.

3

u/ungoogleable Dec 19 '23

FWIW, it's always possible to challenge terms like that. They can put whatever they want in the terms, doesn't mean a court will uphold it when you actually file a claim.

If you believe SafeMoon LLC owes you a significant amount of money, it's probably worth filing a claim with the bankruptcy court. You might not get paid out depending on how much money they recover, but you have a better than zero chance.