In a shocking turn of events, Safereum, a newly-launched crypto project, has executed a rug pull, leaving investors in disbelief. According to blockchain security experts at CertiK, Safereum made away with approximately $1.3 million in user funds.
The deception unfolded when the project’s developers unlocked the token supply and proceeded to liquidate over 600 ETH worth of assets. Subsequently, the SAF token’s value plunged by a staggering 94%.
Adding to the intrigue, CertiK discovered that the ill-gotten gains had already been scattered across various wallets. The official Safereum account on the social media platform X has been mysteriously removed, further indicating the involvement of the project’s creators in the exit scam.
#CertiKSkynetAlert 🚨
We can confirm that @Safereumio has conducted an exit scam for ~$1.3m
Eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f
safereum.eth unlocked Safereum tokens and sold. Additionally ~$597k was raised for the project’s SAFEPAD token.https://t.co/aAxjcEmdcH
— CertiK Alert (@CertiKAlert) October 23, 2023
For those unfamiliar with the term, a rug pull or exit scam occurs when project creators unexpectedly drain liquidity, effectively swindling users who have invested their tokens. Safereum had recently launched on the Ethereum blockchain, positioning itself as a meme-based cryptocurrency offering “guaranteed security.” The team even boasted audits from five different companies in their press release.
This incident serves as a stark reminder of the risks associated with the cryptocurrency space and the influence of crypto influencers who may unwittingly lead users towards such precarious situations. One influencer, in particular, “@Shiaholic_ETH,” has come under scrutiny for allegedly funding the developer wallet behind Safereum, leaving the crypto community in shock and skepticism.
