Safereum Suffers Devastating 'Rug Pull' After Successful Fundraising

The Safereum cryptocurrency initiative recently witnessed a staggering liquidity outflow, alarming investors and shaking the trust within the crypto ecosystem. The abrupt withdrawal happened mere hours post a successful fundraising effort, amounting to $600,000.

Based on assessments by blockchain security experts at CertiK, the Safereum developers, recognized by their token deployment address “safereum.eth,” executed a sudden release and offloaded more than 600 Ether (ETH) from their reserves. This led to a severe 94% decline in the Safereum (SAFEREUM) token's value. Intriguingly, this significant fund withdrawal, often referred to as a 'rug pull', took place shortly after securing approximately $600,000 for a new token variant, “Safepad.” This raised capital, combined with other funds, contributed to the theft, tallying close to 720 ETH or a monetary value of about $1.27 million.

Furthermore, CertiK's team highlighted the challenges in tracking these unauthorized funds. They indicated the money was systematically dispersed across multiple wallets, complicating the tracking efforts.

The Safereum's official communication channel on X, formerly recognized as Twitter, has since vanished. As of now, SAFEREUM's value hovers at a mere $0.0000008, plummeting from its earlier rate of $0.000014 prior to the suspicious withdrawal.

A prominent digital collector using the pseudonym Died.eth recounted the Safereum incident as among the most audacious financial deceptions they had observed. Sharing their insights with over 12,600 X followers, Died.eth detailed how the Safereum team seemingly orchestrated a grand exit after their “Safepad” pre-sale.

Simultaneously, the episode has led to a backlash against various internet personalities who previously endorsed Safereum. ZachXBT, a renowned figure in the blockchain investigative circle, singled out a user named ProTheDoge. Accusations are rife about ProTheDoge’s involvement as a primary advocate for Safereum, with some critics suggesting that the promoter frequently overlooks proper project vetting.

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