Wednesday, March 6, 2024

Rug pull feared as Safereum devs reportedly unlock and dump native token

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The crypto group has been left fearing the worst after seeing big sums of liquidity drained from the cryptocurrency challenge Safereum simply hours after its crew had finalized a large $600,000 fundraising.

Based on blockchain safety agency CertiK and different analysts, the builders of Safereum — utilizing the token deployment tackle “safereum.eth” — unlocked the availability of the token and dumped greater than 600 Ether (ETH) value of its holdings, inflicting the value of the Safereum (SAFEREUM) token to plunge greater than 94%.

The so-called rug pull got here after the crew finalized a fund increase of roughly $600,000 for a by-product token known as “Safepad.” These funds are understood to have constituted a part of the overall stolen sum, which totaled roughly 720 ETH — value $1.27 million at present costs.

CertiK famous that the illegitimate funds had since been distributed via a sequence of wallets, additional obfuscating the surveillance course of.

The official Safereum account on X (previously generally known as Twitter) has additionally been deleted.

On the time of publication, SAFEREUM is buying and selling for $0.0000008, down 94.1% from $0.000014 the place it was buying and selling earlier than the alleged exit rip-off.

The worth of the Safereum token plummeted greater than 95% after builders allegedly rugged the challenge. Supply: CoinMarketCap

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Pseudonymous NFT dealer Died.eth described the safereum rip-off as one of many extra “insane” rug pulls they’d witnessed.

“Safereum / safepad simply hit essentially the most insane rug I’ve ever seen, after finalizing their 700e safepad presale they’ve dumped over 600e of safereum and safepad for one closing exit,” they wrote in a put up to their 12,600 followers on X.

In the meantime, a number of influencers have been known as out for his or her alleged roles in selling the Safereum challenge.

Blockchain sleuth ZachXBT pointed particularly to a pseudonymous consumer generally known as ProTheDoge for his or her position as an official promoter of the rip-off challenge, noting that this wasn’t the primary time that the consumer in query had finished little in the way in which of due diligence.

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