Rug pull feared as Safereum devs reportedly unlock and dump native token

Cryptocurrency

The crypto community has been left fearing the worst after seeing huge sums of liquidity drained from the cryptocurrency project Safereum just hours after its team had finalized a massive $600,000 fundraising.

According to blockchain security firm CertiK and other analysts, the developers of Safereum — using the token deployment address “safereum.eth” — unlocked the supply of the token and dumped more than 600 Ether (ETH) worth of its holdings, causing the price of the Safereum (SAFEREUM) token to plunge more than 94%.

The so-called rug pull came after the team finalized a fund raise of approximately $600,000 for a derivative token called “Safepad.” These funds are understood to have constituted part of the total stolen sum, which totaled roughly 720 ETH — worth $1.27 million at current prices.

CertiK noted that the illegitimate funds had since been distributed through a series of wallets, further obfuscating the surveillance process.

The official Safereum account on X (formerly known as Twitter) has also been deleted.

At the time of publication, SAFEREUM is trading for $0.0000008, down 94.1% from $0.000014 where it was trading before the alleged exit scam.

The price of the Safereum token plummeted more than 95% after developers allegedly rugged the project. Source: CoinMarketCap

Related: Web3 game project allegedly hired actors to pose as executives in $1.6M exit scam

Pseudonymous NFT trader Died.eth described the safereum scam as one of the more “insane” rug pulls they’d witnessed.

“Safereum / safepad just hit the most insane rug I’ve ever seen, after finalizing their 700e safepad presale they’ve dumped over 600e of safereum and safepad for one final exit,” they wrote in a post to their 12,600 followers on X.

Meanwhile, several influencers have been called out for their alleged roles in promoting the Safereum project.

Blockchain sleuth ZachXBT pointed specifically to a pseudonymous user known as ProTheDoge for their role as an official promoter of the scam project, noting that this wasn’t the first time that the user in question had done little in the way of due diligence.

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