Safereum

ZachXBT

<div class="sg-post-des">
 According to blockchain security analysts, the developers of the Safereum project suddenly sold more than 700 ETH worth of its native token, sending the price of SAFEREUM plunging more than 90%.
</div>
<div class="cointelegraph">
 The crypto community has been left fearing the worst after seeing huge sums of liquidity drained from the cryptocurrency project Safereum just hours after its team had finalized a massive $600,000 fundraising.
 According to blockchain security firm CertiK and other analysts, the developers of Safereum — using the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> deployment address “safereum.eth” — unlocked the supply of the <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> and dumped more than 600 Ether (ETH) worth of its holdings, causing the price of the Safereum (SAFEREUM) <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> to plunge more than 94%.
 <blockquote class="twitter-tweet">
 #CertiKSkynetAlert We can confirm that @Safereumio has conducted an exit scam for ~$1.3m Eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f safereum.eth unlocked Safereum <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s and sold. Additionally ~$597k was raised for the project’s SAFEPAD <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>.https://t.co/aAxjcEmdcH— CertiK Alert (@CertiKAlert) October 23, 2023
 </blockquote>
 The so-called rug pull came after the team finalized a fund raise of approximately $600,000 for a derivative <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> called “Safepad.” These funds are understood to have constituted part of the total stolen sum, which totaled roughly 720 ETH — worth $1.27 million at current prices.
 CertiK noted that the illegitimate funds had since been distributed through a series of wallets, further obfuscating the surveillance process.
 The official Safereum account on X (formerly known as Twitter) has also been deleted.
 At the time of publication, SAFEREUM is trading for $0.0000008, down 94.1% from $0.000014 where it was trading before the alleged exit scam.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/3efba6cfab4f53b925aa51255c3e86d9.webp">
 <figcaption style="text-align: center;">The price of the Safereum token plummeted more than 95% after developers allegedly rugged the project. Source: CoinMarketCap
 </figcaption>
 </figure>
 Related: Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam
 Pseudonymous NFT trader Died.eth described the safereum scam as one of the more “insane” rug pulls they’d witnessed.
 “Safereum / safepad just hit the most insane rug I've ever seen, after finalizing their 700e safepad presale they've dumped over 600e of safereum and safepad for one final exit,” they wrote in a post to their 12,600 followers on X.
 <blockquote class="twitter-tweet">
 safereum / safepad just hit the most insane rug I've ever seen, after finalizing their 700e safepad presale they've dumped over 600e of safereum and safepad for one final exit pic.twitter.com/HwX70DFCAr— died.eth | idk.eth (@website) October 23, 2023
 </blockquote>
 Meanwhile, several influencers have been called out for their alleged roles in promoting the Safereum project.
 Blockchain sleuth ZachXBT pointed specifically to a pseudonymous user known as ProTheDoge for their role as an official promoter of the scam project, noting that this wasn’t the first time that the user in question had done little in the way of due diligence.
 <blockquote class="twitter-tweet">
 It seems the influencer ProTheDoge is back at it promoting scams as an official partner of the project. This time it was Safereum which just rug pulled with 730+ ETH ($1.2M). 0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e— ZachXBT (@zachxbt) October 23, 2023
 </blockquote>
 Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis
 <template data-name="subscription_form" data-type="crypto_biz"></template>
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/rug-pull-feared-as-safereum-devs-reportedly-unlock-and-dump-native-token-tbt67495.html">https://thebittimes.com/rug-pull-feared-as-safereum-devs-reportedly-unlock-and-dump-native-token-tbt67495.html</a>

Rug pull feared as Safereum devs reportedly unlock and dump native token

TheBitTimes

Other articles published on Oct 24, 2023

Top Trader Says Bitcoin Now in Promising Position for Long-Term Rally, Updates Outlook on Ethereu...

Cathie Wood’s ARK sells Grayscale Bitcoin Trust shares as BTC hits $34K

World Blockchain Summit Dubai: Igniting Innovation, Forging Alliances and Revolutionising the Dig...

FTX cooperators unlikely to see jail time, says ex-prosecutor

Analyst explains catalysts of next Bitcoin bull run

Bayanat Forges Partnerships with Xcalibur Multiphysics and Teledyne Geospatial, Empowering Smart ...

Join our free newsletter for daily crypto updates!