Cryptocurrency endeavor Safereum experienced a substantial liquidity exodus just a few hours after an impressive $600,000 fundraising round was closed. This sudden debacle gave rise to an atmosphere of skepticism and uncertainty within the crypto circles.
The Precipice of a Financial Abyss
Blockchain security magnate CertiK and various market analysts pointed fingers at the Safereum developers. Utilizing the token deployment address “safereum.eth”, they allegedly unlocked the token supply. In doing so, the team offloaded over 600 Ether of their assets. This action triggered a devastating 94% nosedive in the Safereum (SAFEREUM) token price.
This incident, often termed a ‘rug pull’, unfolded post the completion of a nearly $600,000 funding round aimed at launching a derivative token named “Safepad”. It’s believed that a portion of these funds melded into the larger pilfered sum, approximating 720 ETH, valued at around $1.27 million as per the prevailing market rates.
CertiK highlighted the subsequent distribution of these ill-gotten funds across a network of wallets, significantly muddying the waters for tracking operations.
Furthermore, the official Safereum account on platform X was expunged. Such actions are commonly perceived as red flags signaling a verified rug pull in the crypto realm.
The Safereum Community Reactions
A pseudonymous nonfungible token (NFT) aficionado, Died.eth, labeled the Safereum fiasco as an ‘insane’ rug pull, one of the wildest witnessed in recent times.
“Following the 700 ETH Safepad presale finale, a staggering 600 ETH worth of Safereum and Safepad were offloaded in a final exit, marking an unparalleled rug pull,” expressed the trader.
The fallout didn’t stop at market dynamics; it also rippled through the influencer sphere. Certain influencers found themselves under the spotlight for allegedly promoting Safereum.
Renowned blockchain detective ZachXBT singled out a pseudonymous entity, ProTheDoge. They accuse them of being an official promoter of this scam venture. Moreover, they also highlight a pattern of inadequate due diligence on the part of the accused.
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