Safereum, a promising cryptocurrency meme project, has become the latest victim of an alleged rug pull. The rug has left investors reeling from massive financial losses. Reports of the project’s collapse emerged after developers unlocked and dumped the native token, SAFEREUM. The tokens were worth around 720 ETH, consequently resulting in a loss of over $1.2 million.
The draining of huge chunks of liquidity happened just hours after its team had finalized a massive $600,000 fundraising.
The blockchain security firm CertiK and other analysts claim that the Safereum developers, using the token deployment address “safereum.eth,” unlocked the token supply. They then dumped more than 600 ether worth of its holdings. This caused the price of Safereum (SAFEREUM) to plunge more than 94%.
The rug happened just after the team finalized a fundraising of approximately $600,000. The funds were meant for a derivative token called “Safepad.” These funds are understood to have constituted part of the total stolen sum. As a result, the amount totaled roughly 720 ETH, worth $1.27 million.
CertiK has since noted that the funds have been distributed to several wallets. The distribution to different wallets has trailed the surveillance process.
The official SAfereum account on X has also been deleted.
In a surprising twist, SAFEREUM had undergone a security audit by CertiK, a reputable blockchain security firm. CertiK gave the project a clean bill of health. This raised questions about the credibility of such audits.
Influencers Called Out for Promoting the Project
Several influencers have been called out for their alleged roles in promoting the Safereum project.
For instance, blockchain sleuth ZachXBT has pointed specifically to a pseudonymous user identified as ProTheDoge for their role as an official promoter of the scam project. He notes that this is not the first time the user in question has done little in the way of due diligence.
Many describe the Safereum scam as one of the most insane rug pulls ever witnessed. At the time of publication, Safereum is trading for $0.00000071, down 95.4% from $0.000014, where it was trading before the alleged exit scam.
The incident serves as a stark reminder that the crypto space remains a wild frontier, where due diligence is paramount to avoid falling prey to the darker side of this booming industry.