The entire community of cryptocurrencies is considering the worst after witnessing huge sums of liquidity being drained from Safereum, a cryptocurrency project, just mere hours after the team went on to finalize a massive fundraising worth $600,000. According to CertiK, a blockchain security firm, and other analysts, the developers of the project- who have been using the token deployment address “safereum.eth”- have managed to unlock the supply of the token, as well as have dumped more than 600 Ether worth of the holdings. This has led to the price of the project and the token plunging more than 94%.
Safereum Project Hits Insane Rug Pull
This rug pull by Safereum came after the team had already finalized a fundraising of around $600,000 for a token derivative called the Safepad. These funds, as it has been understood, do constitute part of the total stolen sum, which came to a rough 720 ETH, which has a worth of $1.27 million at the current prices.
CertiK went on to note that the illegitimate funds had been distributed through a series of wallets, which further obfuscated the entire surveillance process. The official account of the company on X has already been deleted. Just a few days ago, the project had been trading at a sum of $0.0000008, down by 94.1% from $0.000014, where it had been trading before the exit scam took place.
Died.eth, a pseudonymous nonfungible token trader had described the scam of Safereum as one of the most instance rug pulls that the community had ever witnessed. In a post made on X, the token trader claimed that the project had hit an insane run pull after finalizing their 700e Safepad presale which they had dumped over 600e of Safereum and Safepad for a final exit. This was written in a post to their 12,600 followers on X.
