Safereum

Reddit

ZachXBT

MOON

Developers of cryptocurrency project Safereum dumped hundreds of thousands of dollars worth of their native token, just hours before its team raised funds worth nearly $600,000, according to blockchain security analysts. The revelation has sent the crypto community into panic — with many calling it a “rug-pull” — as the price of the native token, SAFEREUM, tanked more than 94% after news broke out about the market dump. Safereum, not so safe&nbsp; 
Blockchain security firm CertiK was among the first to draw attention to thesuspicious behavior of Safereum developers. In a post on X, the social media platform that used to be called Twitter, CertiK alleged the developers of Safereum — using the token deployment address “safereum(.)eth” — sold over 600 Ether worth of its native token, sending the price of the SAFEREUM token tumbling by more than 94% to $0.0000008. 
At the time of writing, the token was trading at $0.0000016, up 33% from yesterday’s closing price. Source: TradingView Market dump stokes fears of exit scam 
The market dump followed an announcement by the Safereum team that they’ve secured funds worth about $600,000 for their derivative token, “Safepad”. This fundraising is suspected to be a part of the alleged scam pulled off by the developers, with total stolen money amounting to 720 ETH, currently valued at $1.27 million. Safereum’s rushed attempt to vanish from the internet sparks outcry 
To obfuscate their trail, developers of Safereum have since transferred the illicit funds using different wallets, CertiK says. Moreover, the X (formerly) account of Safereum no longer exists. Source: X (formerly Twitter) 
The alleged Safereum scam has elicited sharp criticism from the crypto community, with pseudonymous non-fungible token (NFT) trader Died(.)eth calling it the “most insane” rug pull. Furthermore, a number of influencers havecome under fire over their endorsement of the crypto project. 
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
On-chain investigator ZachXBT called out an influencer — who goes by the moniker “ProThe Doge” — for their alleged role in promoting the scam project. The blockchain sleuth pointed out that this was not the first time the influencer had not conducted proper due diligence on a crypto firm.&nbsp;
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
The so-called rug-pull by Safereum developers comes just hours after two developers linked to Reddit’s r/CryptoCurrency community were fired for their alleged involvement in <a href="https://news.todayq.com/reddit-ousts-moderators-on-suspicion-of-insider-trading-of-moon-tokens/" rel="noopener noreferrer nofollow">insider trading of the Moons (MOON) token</a>. These moderators reportedly dumped hundreds of thousands of billion worth of MOON tokens, just minutes before Reddit announced it was winding down its <a href="https://news.todayq.com/reddits-plan-to-close-blockchain-reward-system-upsets-users/" rel="noopener noreferrer nofollow">“Community Points” rewards service</a> over concerns of scalability.
© Todayq News

Alleged “rug pull” by Safereum developers sends Crypto community into panic

Todayq News

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