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Concerns arise over potential rug pull as Safereum developers allegedly release and sell off native token.
The cryptocurrency community is now apprehensive after witnessing significant amounts of liquidity withdrawn from the Safereum project shortly after its team completed a substantial $600,000 fundraising effort.
As reported by blockchain security firm CertiK and other experts, the Safereum developers — utilizing the token deployment address “safereum.eth” — released the token supply and sold off over 600 Ether (ETH) of their assets, leading to a decline of more than 94% in the price of the Safereum (SAFEREUM) token.
#CertiKSkynetAlert
We can confirm that @Safereumio has executed an exit scam for approximately $1.3 million.
Eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f
safereum.eth unlocked Safereum tokens and liquidated them. Additionally, around $597,000 was raised for the project’s SAFEPAD token. https://t.co/aAxjcEmdcH— CertiK Alert (@CertiKAlert) October 23, 2023
This alleged rug pull occurred after the team completed a fundraising effort of about $600,000 for a derivative token named “Safepad.” It is believed that these funds were part of the total amount stolen, which reached approximately 720 ETH — valued at $1.27 million based on current market rates.
CertiK indicated that the illicit funds have since been dispersed across various wallets, complicating the tracking process.
The official Safereum account on X (previously known as Twitter) has also been removed.
At the time of this report, SAFEREUM is trading at $0.0000008, reflecting a 94.1% decrease from $0.000014, the price prior to the purported exit scam.
The value of the Safereum token dropped by over 95% following the developers’ alleged abandonment of the project. Source: CoinMarketCap
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An anonymous NFT trader, Died.eth, characterized the Safereum scam as one of the most “insane” rug pulls they had ever observed.
“Safereum / safepad just experienced the most insane rug I’ve ever seen; after concluding their 700 ETH safepad presale, they dumped over 600 ETH of Safereum and Safepad for one final exit,” they stated in a message to their 12,600 followers on X.
Safereum / safepad just hit the most insane rug I’ve ever seen; after finalizing their 700 ETH safepad presale, they dumped over 600 ETH of Safereum and Safepad for one final exit pic.twitter.com/HwX70DFCAr
— died.eth | idk.eth (@website) October 23, 2023
In the meantime, several influencers have been criticized for their purported involvement in endorsing the Safereum project.
Blockchain investigator ZachXBT specifically pointed out a pseudonymous individual known as ProTheDoge for their role as an official promoter of the scam project, highlighting that this was not the first instance where the individual had failed to conduct proper due diligence.
It appears that the influencer ProTheDoge is once again promoting scams as an official partner of the project.
This time it was Safereum, which just rug pulled with over 730 ETH ($1.2 million).
0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e— ZachXBT (@zachxbt) October 23, 2023
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