Cryptocurrency Catastrophe: The Safereum Saga Unveiled

The cryptocurrency community is currently engulfed in a sense of unease and uncertainty as it witnesses a rather substantial and quite perplexing depletion of liquidity in the Safereum cryptocurrency project. This dramatic and unsettling event unfolded mere hours after the project's team successfully concluded what can only be described as a monumental fundraising campaign, amassing an eye-popping $600,000, which had the crypto enthusiasts both intrigued and hopeful.

Reports stemming from the blockchain security experts over at CertiK, in conjunction with insights from various industry analysts, have shed a rather revealing light on the disconcerting actions of the Safereum developers. Acting under the enigmatic token deployment address "safereum.eth," they made the surprising decision to unlock the token's supply, which was a head-scratching maneuver. In what can only be described as a rather puzzling move, they proceeded to liquidate more than 600 Ether (ETH), equivalent to an approximate value of $1,820. The result was nothing short of a precipitous 94% drop in the Safereum (SAFEREUM) token's market value, a plummet that left the community astonished.

#CertiKSkynetAlert ????

We can confirm that @Safereumio has conducted an exit scam for ~$1.3m

Eth: 0xb504035a11E672e12a099F32B1672b9C4a78b22f

safereum.eth unlocked Safereum tokens and sold. Additionally ~$597k was raised for the project’s SAFEPAD token.https://t.co/aAxjcEmdcH

— CertiK Alert (@CertiKAlert) October 23, 2023

This so-called "rug pull" occurred in the immediate aftermath of the team's triumphant fundraising endeavor, aimed at introducing a derivative token named "Safepad." Astonishingly, it appears that these funds constituted a part of the substantial sum that was ultimately purloined, totaling approximately 720 ETH, a figure that currently translates to a significant $1.27 million in today's crypto landscape.

Adding to the intrigue and complexity of the situation, CertiK has duly noted that the illicitly obtained funds have been cleverly funneled through a complex web of wallets, adding another layer of complexity to the tracking and investigative efforts, which is both confounding and concerning to the wider crypto community.

To add another layer of intrigue, the official Safereum account on X (formerly known as Twitter) has mysteriously vanished, leaving a void in the project's online presence.

As of the time of writing, SAFEREUM is trading at a disheartening $0.0000008, marking a precipitous 94.1% decline from its previous trading price of $0.000014, just prior to the alleged exit scam. This significant drop in value has left many investors and stakeholders deeply dismayed and uncertain about the project's future.

The price of the Safereum token plummeted more than 95% after developers allegedly rugged the project. Source: CoinMarketCap 

In the midst of this disconcerting scenario, a pseudonymous nonfungible token (NFT) trader known as Died.eth has described the Safereum scheme as one of the most "astounding" rug pulls they've ever witnessed. The enormity of this scheme is brought into focus when one considers that, after successfully concluding the 700e safepad presale, the team inexplicably and dramatically emptied over 600e of Safereum and Safepad tokens in a final exit, which is an action that has left the community both astonished and bewildered.

safereum / safepad just hit 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 final exit pic.twitter.com/HwX70DFCAr

— died.eth | idk.eth (@website) October 23, 2023

Meanwhile, the spotlight of scrutiny has fallen on several influencers who allegedly played a role in promoting the Safereum project. Among these individuals, blockchain investigator ZachXBT has pointed fingers at a pseudonymous user by the name of ProTheDoge for their involvement as an official promoter of the fraudulent project. It's worth noting that this isn't the first time this user has been implicated for lacking due diligence in their endorsement activities, adding yet another layer of complexity to this multifaceted and concerning situation.

It seems the influencer ProTheDoge is back at it promoting scams as an official partner of the project.

This time it was Safereum which just rug pulled with 730+ ETH ($1.2M).

0x67c8423a7709aDB8ED31c04DcbB0C161637b807F pic.twitter.com/o5qi9rmC3e

— ZachXBT (@zachxbt) October 23, 2023

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