The cryptocurrency community has come to fear the worst after seeing huge amounts of liquidity drained from cryptocurrency project Safereum just hours after its team completed a massive $600,000 fundraising.
According to blockchain security firm CertiK and other analysts, Safereum developers – using the token posting address “safereum.eth” – opened up token supply and dumped more than 600 Ether (ETH) from their holdings, causing the price of the Safereum token (SAFEREUM) to fall by more than 600 Ether (ETH). From 94%.
We can confirm that @Safereumio He ran an exit scam for approximately $1.3 million
eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f
Safereum.eth has unlocked and sold Safereum tokens. In addition, nearly $597,000 USD was raised for the project’s SAFEPAD token. https://t.co/aAxjcEmdcH
– CertiK Alert (@CertiKAlert) October 23, 2023
The so-called rug pulling came after the team completed a fundraising of nearly $600,000 for a derivative token called “Safepad.” It is understood that these funds formed part of the total amount stolen, which amounted to approximately 720 Ethereum – worth $1.27 million at current prices.
CertiK noted that the illicit funds have since been distributed through a series of wallets, further obfuscating the monitoring process.
the official Sevrim The account on X (formerly known as Twitter) has also been deleted.
At press time, SAFEREUM is trading for $0.0000008, down 94.1% from $0.000014 where it was trading before the alleged exit scam.
Related: Web3 game project allegedly hired actors to pose as executives in $1.6 million scam
An NFT merchant with the alias Died.eth described the Safereum scam as one of the most “crazy” rug pulls they have witnessed.
“Safereum/Safepad just hit the craziest carpet I’ve ever seen, after wrapping up the 700e Safepad pre-sale, they threw away over 600e Safereum and safepad for one final exit,” they wrote in a post to their 12,600 followers on X.
Safereum/Safepad just hit the craziest carpet I’ve ever seen, after wrapping up the 700e Safepad pre-sale, they threw over 600e Safereum and Safepad for the final exit at once pic.twitter.com/HwX70DFCar
— die.eth | idk.eth (@website) October 23, 2023
At the same time, there were many influencers Named For their alleged roles in promoting the Safereum project.
Blockchain investigator ZachXBT specifically pointed out a pseudonymous user known as ProTheDoge for his role as an official promoter of the scam project, noting that this was not the first time the user in question had done a little due diligence.
It seems that influencer ProTheDoge has returned to promote scams as an official partner of the project.
This time it was Safereum, which had just withdrawn over 730 ETH ($1.2 million).
0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e
– ZackXPT (@ZackXPT) October 23, 2023
magazine: Blockchain Investigators – The collapse of Mount Gox gave birth to Chainalysis