The crypto community has been left fearing the worst after seeing huge sums of liquidity drained from the Safereum cryptocurrency project just hours after its team finalized a massive $600,000 fundraising.
According to blockchain security firm CertiK and other analysts, Safereum developers, using the token deployment address “safereum.eth,” unlocked the supply of the token and dumped more than 600 Ether (eth) from their holdings, which caused the price of the Safereum token (SAFEREUM) to plummet more than 94%.
We can confirm that @Safereumio has carried out an exit scam for approximately $1.3 million
Ethnic: 0xb504035a11E672e12a099F32B1672b9C4a78b22f
safereum.eth unlocked Safereum tokens and sold them. Additionally, ~$597k was raised for the project’s SAFEPAD token.https://t.co/aAxjcEmdcH
— CertiK Alert (@CertiKAlert) October 23, 2023
The so-called “rug pull” came after the team completed a fundraising of approximately $600,000 for a derivative token called “Safepad.” It is understood that these funds constituted part of the total sum stolen, which amounted to approximately 720 eth, worth $1.27 million at current prices.
CertiK noted that the illegitimate funds had since been distributed through a number of wallets, further obscuring the surveillance process.
The official Safereum The account on X (formerly known as Twitter) has also been deleted.
At the time of publication, SAFEREUM is trading at $0.0000008, down 94.1% from the $0.000014 it was trading at before the alleged exit scam.
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Pseudonymous non-fungible token (nft) trader Died.eth described the Safereum scam as one of the “craziest” pulls they had witnessed.
“Safereum/safepad just hit the craziest carpet I’ve ever seen, after ending their pre-sale of 700e of safepad, they dumped over 600e of safereum and safepad for a final exit,” they wrote in a post for his 12,600 followers on X.
safereum/safepad just hit the craziest mat I’ve ever seen, after ending their pre-sale of 700e of safepad, they dumped over 600e of safereum and safepad for a final exit pic.twitter.com/HwX70DFCAR
— died.eth | idk.eth (@website) October 23, 2023
Meanwhile, several influencers have been called for his alleged role in promoting the Safereum project.
Blockchain sleuth ZachXBT specifically pointed out a pseudonymous user known as ProTheDoge for his role as the official promoter of the scam project, noting that this was not the first time the user in question had done little due diligence.
It seems that the influencer ProTheDoge has returned to promoting scams as an official partner of the project.
This time it was Safereum that just won over 730 eth ($1.2 million).
0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e
– ZachXBT (@zachxbt) October 23, 2023
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