In a startling turn of events, the security experts in the blockchain sphere have reported a significant development concerning the Safereum project. The developers of Safereum, in an abrupt maneuver, decided to liquidate over 700 ETH worth of their native tokens. This unanticipated move sent the value of SAFEREUM plummeting by a staggering 90%.
Within the cryptocurrency community, this sudden turn of events has evoked a sense of foreboding. Just hours after the Safereum team successfully concluded a monumental fundraising effort, which raked in a substantial $600,000, a massive drainage of liquidity from the project was observed.
According to reports from blockchain security firm CertiK and other industry analysts, the Safereum developers, utilizing the token deployment address “safereum.eth,” proceeded to unlock a significant portion of the token supply, leading to the liquidation of more than 600 Ether (ETH) amounting to $1,808. This abrupt move resulted in a staggering 94% nosedive in the price of the Safereum (SAFEREUM) token.
This unexpected maneuver, often termed a “rug pull,” occurred immediately after the Safereum team’s triumphant $600,000 fundraising for a derivative token called “Safepad.” These ill-gotten gains, it appears, formed a substantial part of the total misappropriated sum, which stands at approximately 720 ETH, equivalent to $1.27 million at current market rates.
CertiK pointed out that the illegitimate funds were subsequently dispersed across a series of wallets, making it even more challenging to trace and monitor.
To add to the intrigue, the official Safereum account on X (formerly known as Twitter) has mysteriously vanished, adding another layer of mystery to this unfolding saga.
As of the time of this report, SAFEREUM is trading at an astonishingly low value of $0.0000008, marking a precipitous decline of 94.1% from its previous trading value of $0.000014, just before the alleged exit scam took place.
Prominent nonfungible token (NFT) trader, Died.eth, characterized the Safereum scandal as one of the most bewildering “rug pulls” they’ve encountered. In a post to their 12,600 X followers, they remarked, “Safereum/safepad just executed the most mind-boggling rug pull I’ve ever witnessed. After finalizing their 700e safepad presale, they unloaded over 600e of safereum and safepad for one final exit.”
Meanwhile, scrutiny has also fallen on various influencers implicated in promoting the Safereum project. Blockchain investigator ZachXBT specifically pointed out a pseudonymous user known as ProTheDoge for their role as an official promoter of the questionable project, highlighting their lack of due diligence, not the first time such an oversight had occurred.
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