Cryptocurrency project Safereum has left the altcoin community in despair as a significant amount of liquidity was withdrawn from the project shortly after the successful completion of a massive $600,000 fundraising effort. Here are the details…
Security warning in altcoin project
Blockchain security firm CertiK and various analysts shed light on the disheartening saga by revealing that Safereum’s developers unlocked the altcoin supply using the token distribution address “safereum.eth” and initiated a massive dump of more than 600 Ether (ETH) worth $1,814 . Following this sudden move, a catastrophic 94% drop occurred in the Safereum (SAFEREUM) token price. The community’s trust was shattered when they discovered a “rug pull” concern. Safereum experienced a sudden rug pull shortly after its team successfully raised nearly $600,000 for a derivative altcoin known as “Safepad.” It turned out that these funds were part of the total amount stolen and amounted to approximately 720 ETH. This is equivalent to $1.27 million at current market prices.
Blockchain security firm CertiK reported that the embezzled funds were distributed across a number of wallets, further complicating the tracking process. Adding to the intrigue, the official Safereum account on a popular social media platform (formerly known as Twitter) was deleted, raising further questions about the project’s legitimacy. As of press time, SAFEREUM is trading at a low of $0.0000008, marking a 94.1 percent decline from its previous value of $0.000014. This incident left investors and the altcoin community in disbelief as they tried to come to terms with the significant losses they had suffered.
The community is confused
The Safereum exit scam sent shockwaves through the crypto community, with some even describing it as one of the “craziest” rug pulls they had ever witnessed. NFT trader Died.eth took to social media to express their surprise, writing, “Safereum/safepad was the craziest rug-pull I have ever seen. “After completing the 700e safepad pre-sale, they unloaded more than 600e Safereum and Safepad for a final release,” he said. Additionally, Blockchain detective ZachXBT said that a user known as ProTheDoge was listed as the official backer of the project. He underlined that this is not the first time this person has been linked to a questionable project.
The Safereum scam serves as a stark reminder of the ongoing risks and challenges in the cryptocurrency space. It emphasizes the importance of doing due diligence and doing comprehensive research before investing in any project, especially in a dynamic and variable market such as altcoin projects.
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