- Project devs dumped liquidity worth more than 600 ether
- This caused the token to lose almost all of its value
- The crypto community is calling out influencers for promoting the project
Just hours after the Safereum crypto project team raised $600,000, the platform experienced a massive rug pull with huge sums of liquidity drained, Cointelegraph reported.
According to reputable blockchain analysts, including security firm CertiK, the developers of Safereum unlocked SAFEREUM token supply using the deployment address “safereum.eth,” dumping liquidity worth more than 600 ether and causing the token to lose almost all of its value. At current rates, the value lost corresponds to $935,337.
Pull came after finalizing Safepad fundraise
The rug pull came after the Safereum team completed a fundraise of approximately $600,000 for Safepad, a derivative token. The dumped liquidity was part of a total of 720 ether that was stolen, equivalent to $1.27 million at current rates.
CertiK pointed out that the illicit funds were distributed through various wallets, further challenging attempts to trace their path. The Safereum team also deleted its official account on X.
Safereum token is now worthless
At the time of writing, the SAFEREUM token was almost worthless, down 95% from the level it was trading at before the alleged rug pull.
According to insiders, the exit scam was “insane” as far as rug pulls go. NFT trader Died.eth was outraged, calling it “the most insane rug I’ve ever seen.” The pseudonymous X user tweeted to his thousands of followers on X:
After finalizing their 700 ether Safepad presale, they dumped over 600 ether of Safereum and Safepad for one final exit!
The project skimped on due diligence
The crypto community is calling out numerous influencers for promoting the Safereum project. According to blockchain sleuth ZachXBT, a pseudonymous user known as ProTheDoge played a critical role as an official promoter of the fradulent project. He pointed out that this wasn’t the first time ProTheDoge had skimped on due diligence:
It seems the influencer ProTheDoge is back at it promoting scams as an official partner of the project. This time it was Safereum which just rug pulled with 730+ ether ($1.2 million).
