Crypto project Safereum After claims of a 'rug pull', the Safereum team faces strong accusations of siphoning off users' investments and devastating the value of their digital currency.
Keypoints
- Allegations surface against Safereum developers, implicating them in a massive token sell-off of their SAFEREUM coins.
- Following a dramatic sell-off, the value of SAFEREUM nose-dived by over 90%, plummeting from $0.000014 to a mere $0.0000008.
- The accusations suggest over 600 Ether, equating to about $1.27 million, were sold off as part of this maneuver.
- A substantial chunk of these funds was reportedly sourced from a $600,000 capital-raising event for a related Safepad token.
- Top-tier blockchain security analysts, such as CertiK, delved into the transaction data, raising an alarm on the dubious activities.
- Post-incident, Safereum's presence on Twitter vanished, adding fuel to the suspicions surrounding the developers.
- Ahead of this debacle, Safereum gained significant traction on social media, heavily promoted by digital influences.
- This incident reflects a typical exit scam where developers hastily withdrew funds and absconded post-promotion activities.
CertiK's analysis indicates that over 600 Ether worth of SAFEREUM tokens were unlocked and offloaded by the developers, translating to an approximate $1.27 million.
#CertiKSkynetAlert ????
We can confirm that @Safereumio has conducted an exit scam for $1.3m
Eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f
safereum.eth unlocked Safereum tokens and sold. Additionally $597k was raised for the project’s SAFEPAD token. https://t.co/aAxjcEmdcH
— CertiK Alert (@CertiKAlert) October 23, 2023
In a matter of hours post-funding event for Safepad, there's a suspicious exodus of liquidity hinting at a developer-led exit scheme.
Pitched as a meme-driven crypto, Safereum professed a security-first approach, yet its official communication channels have since ceased updates.
Pre-launch, a slew of crypto influencers enthusiastically backed Safereum, drawing in unsuspecting participants, now under scrutiny for overlooking key diligence.
ProTheDoge, notorious for promoting possible scams, returned as an official face for Safereum which has suffered a substantial exit, draining 730+ ETH, around $1.2M.
It's another red flag for the decentralized finance (DeFi) ecosystem, advising users to tread carefully with new ventures, particularly those with unnamed teams.
0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e
— ZachXBT (@zachxbt) October 23, 2023
With promotional scams on social reeling in unwary investors, it's a stark reminder for regulators to ramp up oversight; presently, Safereum participants are without a viable path to recoup losses.
Contributing to the growing tally of DeFi scheme deceptions in 2022, the community is left grappling with solutions to safeguard everyday users.
The voice behind Blockonomi and leading Kooc Media, a UK-based digital news outfit. A staunch advocate for open-source coding, blockchain innovation, and universal internet freedom.
