Unexpected Token Dump Shocks Investors
The cryptocurrency domain encountered a jolt as Safereum developers reportedly engaged in a sudden sell-off of more than 700 ETH worth of SAFEREUM tokens, causing a catastrophic price drop of over 90%. This incident, feared to be a ‘rug pull’, left the crypto community in dismay, especially following a substantial $600,000 fundraising event.
Detailed Analysis by Blockchain Security Firms
CertiK, a notable blockchain security firm, alongside other analysts, revealed that the sell-off was initiated from the token deployment address “safereum.eth”. The massive dump amounted to a loss of 94% in SAFEREUM’s value. This drastic move came right after the successful fundraising for a derivative token named “Safepad”, which is suspected to be part of the total sum that got drained, amounting to approximately 720 ETH or $1.27 million.
The Trail of Illicit Fund Distribution
Post sell-off, CertiK observed the distribution of these funds across various wallets, making the surveillance process increasingly complex. The tracing of these funds has become a labyrinth, adding to the woes of the SAFEREUM token holders.
Social Media Uproar and Deleted Official Accounts
The official account of Safereum on X (previously known as Twitter) vanished post incident, increasing suspicions. Pseudonymous NFT trader Died.eth termed this incident as an “insane” rug pull, generating a stir on social platforms.
Influencers Under Scrutiny for Promotion
The aftermath also saw several influencers facing backlash for their alleged promotion of Safereum. Blockchain sleuth ZachXBT highlighted a user known as ProTheDoge, pinpointing their role in promoting what now appears to be a scam project, marking a crucial lesson in due diligence within the crypto realm.
