Bad Bitcoin Bettor Dave Portnoy Rages Over SafeMoon Lawsuit

Barstool Sports founder Dave Portnoy claims he is being sued by SafeMoon investors. 

In a bizarre video posted on Twitter on Monday, the internet celebrity confronts a man who he says had knocked on his door early in the morning to inform him of a lawsuit. In the video, Portnoy asks the man, “How many times did you knock on my door for this shit?” 

He said the visitor had been “pounding on my door at 8am for 10 minutes straight.” He also posted a picture of the summons document.

“For the millionth time I didn’t get a nickel from Safemoon,” he wrote. “I told people it may be a scam before I invested.”   

SafeMoon is a cryptocurrency that taxes transactions and redistributes tokens to holders. It runs on Binance Smart Chain, the blockchain created by the world’s biggest crypto exchange, Binance.

SafeMoon was popular last year—along with lots of other “alt coins”—and its price shot up as people pumped it on social media. 

Portnoy, who calls himself “the baron of Bitcoin,” last year invested $40,000 in the asset. He then called it his “favorite shitcoin.” 

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But investors have since lost interest in the token: it’s currently trading for $0.0003972, down 88.5% from its all-time high in January, according to CoinMarketCap. 

Portnoy now says investors want to sue him for pumping the coin, writing on Twitter: “Thought I was under attack. Nope just telling me I was getting sued for schilling [sic] safemoon. Im [sic] only guy who loses all his money in safemoon and gets sued for it,” he added. 

Portnoy also posted a picture of his SafeMoon balance, which appeared to be $2,370.94: “I haven’t withdrawn any,” he said. 

Decrypt tried to get more information from Barstool Sports about the summons but did not immediately receive an answer. 

Barstool's Dave Portnoy: 'I Fucked Up Bitcoin'

Barstool Sports founder and president Dave Portnoy, who rebranded himself as stocks expert "Davey Day Trader" during the COVID-19 pandemic, bought $1 million worth of Bitcoin last August when the price was at $11,500. Then he sold it in a panic two weeks later when it dropped, for a loss of $25,000. Now Bitcoin is above $60,000, and Portnoy said in a Saturday night Twitter video that he "fucked up Bitcoin" because he paper-handed" — a social media term on forums like WallStreetBets for someone w...

Portnoy has been outspokenly hilarious about his poor cryptocurrency investments. He bought $1 million worth of Bitcoin in 2020 when the price was $11,500—but then sold it just weeks later when its price dropped, for a loss of $25,000. 

“I fucked up Bitcoin,” he said at the time.