Just hours after the cryptocurrency project Safereum successfully raised a substantial $600,000 in fundraising, the crypto community was hit with a shock as the project's liquidity was rapidly drained, sparking concerns. Reports from blockchain security firm CertiK and other analysts revealed that Safereum's developers employed the token deployment address "safereum.eth" to unlock the token's supply. Subsequently, they sold over 600 ether (ETH) from their holdings, causing the price of the Safereum (SAFEREUM) token to plummet by over 94%. This sudden and deliberate selloff is often referred to as a "rug pull."
The rug pull occurred after the project team had secured approximately $600,000 in funding for a spin-off token called "Safepad." It's believed that these ill-gotten funds were a portion of the total amount taken, which equated to around 720 ETH, equivalent to approximately $1.27 million at current cryptocurrency prices. CertiK reported that the stolen funds were further distributed through a series of wallets, complicating the tracking and recovery process.
Adding to the intrigue and concern, the official Safereum account on Twitter (now known as X) was deleted. At the time of reporting, SAFEREUM was trading at $0.0000008, experiencing a staggering 94.1% drop from its pre-rug pull trading price of $0.000014. An anonymous non-fungible token (NFT) trader known as Died.eth characterized the Safereum scam as one of the most outrageous they had ever encountered.
The trader highlighted how Safereum and Safepad executed an elaborate exit scam, stating, "Safereum/Safepad just pulled off the craziest rug I've ever seen. After completing $700k worth of Safepad presales, they dumped over $600k worth of Safereum and Safepad for one final exit." Moreover, certain individuals have come under criticism for their alleged role in promoting the Safereum project, with a pseudonymous user called ProTheDoge identified as a key promoter of the scam by blockchain investigator ZachXBT. ProTheDoge has faced reproach for failing to conduct thorough due diligence, having been associated with similar projects in the past.
