As per blockchain security experts, the Safereum project’s developers have unanticipatedly liquidated over 700 ETH worth of their native tokens, resulting in a staggering 90% drop in SAFEREUM’s price.
Following a $600,000 fundraising, Safereum’s developers swiftly sold over 600 Ether worth of their holdings, causing the SAFEREUM token’s price to plummet by over 94%, leaving the crypto community deeply worried.
The alleged rug pull occurred following the completion of a $600,000 fundraising effort for a derivative token named “Safepad.” It is believed that a portion of these funds, approximately 720 ETH, valued at $1.27 million at current rates, were part of the stolen sum.
CertiK has reported that the illicit funds have been dispersed across multiple wallets, complicating the tracking process. Furthermore, the official Safereum account on X (formerly Twitter) has been removed.
As of the time of this report, SAFEREUM is trading at $0.0000008, reflecting a significant decline of 94.1% from its previous trading price of $0.000014 prior to the alleged exit scam.
Died.eth, a pseudonymous NFT trader, described the Safereum rug pull as one of the most shocking they’ve seen, mentioning the large dump of tokens after a successful presale.
At the same time, various influencers are being criticized for their purported involvement in promoting the Safereum project.
Blockchain investigator ZachXBT highlighted a particular pseudonymous user, ProTheDoge, as an official promoter of the fraudulent project. He noted that this wasn’t the first instance of this user failing to conduct proper due diligence.
