Safereum's Major Liquidity Drain Triggers Alarm Amid Accusations of $1.27 Million Exit Scam
Summary:
The cryptocurrency Safereum experienced a significant liquidity drain just hours after finalizing a $600,000 fundraising. The abrupt outflow, deemed a 'rug pull', saw the token's price plunge by 94% as developers unlocked and dumped over 600 Ether (ETH) worth of holdings. The illicitly procured funds, totaling approximately 720 ETH ($1.27 million), were diffused through various wallets, complicating traceability. Influencers and anonymous users who promoted the project are now under scrutiny for their involvement in the alleged scam.
The cryptocurrency sphere has been thrown into a state of alarm following a significant exodus of liquidity from Safereum, a cryptocurrency venture. This happened barely hours after a successful fundraising round that accumulated $600,000. CertiK, a blockchain security company, together with other industry experts have attributed this unexpected movement to Safereum's developers, who, using the token deployment address "safereum.eth", let loose the token supply and consequently discarded worth over 600 Ether (ETH) in possession, leading to a 94% dip in the Safereum (SAFEREUM) token's value.
The sudden liquidity drain, also known as a 'rug pull', happened following the conclusion of a $600,000 fundraising for a derivative token named “Safepad”. This sum reportedly made up a portion of the total siphoned amount, totaling approximately 720 ETH - valued at $1.27 million based on current rates. CertiK pointed out that the ill-acquired funds have since been spread via different wallets, adding complexity to the tracing process. Additionally, Safereum's official account on X (formerly Twitter) has been removed. At the time of reporting, SAFEREUM's price stands at $0.0000008, marking a 94.1% drop from $0.000014 before the alleged scheme.
An anonymous NFT trader, Died.eth, has branded the Safereum scheme as one of the most “outrageous” he's ever seen. His post to his 12,600 X followers indicated the Safereum/safepad 'rug pull' as the most severe he had ever seen, with the dumping of over 600e of both tokens following the successful safepad presale.
Furthermore, several influencers have found themselves in hot water for seemingly supporting the Safereum initiative. ZachXBT, a blockchain detective, singled out one user known as ProTheDoge for their involvement as a promoter of the scam project. He pointed out that ProTheDoge had promoted scams before and hadn't carried out much due diligence when promoting these fraudulent projects.
Published At
10/24/2023 3:09:08 AM
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