Crypto Project Safereum Faces Massive Exit Scam, Leaving Investors in Panic

Crypto Community in Shock as Liquidity Drained from Safereum

The cryptocurrency project Safereum has left the crypto community in a state of fear and uncertainty. Just hours after the team finalized a massive $600,000 fundraising, large sums of liquidity were drained from the project, causing panic among investors.

Rug Pull: Massive Dump of Safereum Tokens

According to blockchain security firm CertiK and other analysts, the developers of Safereum unlocked the supply of the token and dumped over 600 Ether (ETH) worth of its holdings. This caused the price of the Safereum (SAFEREUM) token to plummet by more than 94%.

Funds Stolen from Safepad's Fundraise

The rug pull occurred after the team successfully raised approximately $600,000 for a derivative token called Safepad. It is believed that part of the stolen funds, which amounted to around 720 ETH (worth $1.27 million), came from this fundraise.

Obfuscation of Stolen Funds

CertiK revealed that the illegitimate funds have been distributed through a series of wallets, making it difficult to track and recover the stolen assets.

Safereum's Social Media Account Deleted

In a further blow to investor confidence, the official Safereum account on X (formerly known as Twitter) has been deleted, adding to suspicions surrounding the project.

Price Plunge for SAFEREUM Token

The SAFEREUM token, which was trading at $0.000014 before the alleged exit scam, is now trading at a significantly reduced price of $0.0000008. This represents a 94.1% decrease in value.

Influencers Under Scrutiny

Several influencers have been called out for their alleged roles in promoting the Safereum project. Blockchain sleuth ZachXBT highlighted a pseudonymous user known as ProTheDoge for their involvement as an official promoter, questioning their lack of due diligence.

Source: The Guardian