Safereum Scare: Devs Unload Tokens, Prices Crash

Fear gripped the crypto community as the developers of Safereum project reportedly drained significant liquidity by selling off their native token, leading to a massive price drop of over 90%.

Security analysts from blockchain firm CertiK have raised concerns about a potential "rug pull" with Safereum. They observed that the project's developers, using the address "safereum.eth," suddenly unlocked and sold more than 600 Ether worth of their holdings. This action resulted in a devastating 94% plunge in Safereum's (SAFEREUM) token price. Article continues below...

The incident occurred shortly after Safereum's team successfully raised approximately $600,000 for a derivative token named "Safepad." The raised funds are believed to have been part of the substantial amount that went missing, totaling around 720 ETH, valued at $1.27 million at current prices. To complicate matters, CertiK noted that the stolen funds were distributed across multiple wallets, making it harder to track.

The official Safereum X (formerly Twitter) account has also been deleted.

As of the time of writing, SAFEREUM is trading at $0.0000008, reflecting a staggering 94.1% drop from its previous level of $0.000014, which was before the alleged exit scam.

Prominent pseudonymous NFT trader Died.eth described the Safereum incident as one of the most "insane" rug pulls they had witnessed. In a post to their 12,600 followers on X, they highlighted how Safereum's team finalized a 700 ETH Safepad presale and then dumped over 600 ETH worth of Safereum and Safepad tokens for one final exit.

Furthermore, several influencers have come under scrutiny for their potential involvement in promoting the Safereum project.