Charles Karony, who until recently was the Vice President of Operations at SafeMoon, has decided to step down from his position.

On March 8, Mr. Karony announced his decision to leave his job in a tweet. He cited his wish to complete his college degree as the reason for his departure.

In a series of follow-up tweets, Mr. Karony thanked the team at SafeMoon and the entire token community known as the SafeMoonArmy, praising their accomplishments. He even threw in a little joke at the end:

I have made the difficult, but important decision to transition from my formal role with #SAFEMOON to return to college & complete my degree. I am extremely proud of all SafeMoon has accomplished, & extremely grateful for the opportunity I’ve played in this unique journey…🧵

— Charles Karony (@CharlesKarony) March 8, 2022

“This is not the last you will hear from me, nor, I hope, the last I will be hearing from all of you as I will continue to follow the coming news from here. I’ll see you around. Because apparently, I’m quite tall.”

Leaving a sinking altcoin?

The news of Mr. Karony’s resignation comes 10 months after analysts warnied investors about SafeMoon potentially being a pump-and-dump coin despite its creators originally touting it as a decentralized finance (DeFi) token that would skyrocket in price.

After reaching an all-time high of $0.0032 on January 4, 2022, the altcoin plunged into a generally downward trend.

At press time, the SafeMoon token was worth $0.00104 per coin. This is a 21% decrease from seven days ago when the token was worth $0.001264. The current price is a 207.69% drop from the all-time high price.

As one commenter on Twitter noted, Karony’s announcement also comes after a class action lawsuit was filed against SafeMoon, its executive officers, and celebrity promoters in the U.S. District Court in California.

According to the lawsuit, they are accused of being involved in a scheme where they bought SafeMoon tokens, which is a type of investment that is risky. People have been warning about this type of investment for a long time.