Trusted

Safereum No Longer Safe as Team Allegedly Conducts $1.3 Million Rug Pull

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Analytics firms suggest Safereum developers executed a $1.3 million rug pull, causing the SAFEREUM token's value to plummet to nearly zero.
  • Safereum allegedly unlocked and swapped SAFEREUM tokens for Ethereum (ETH), and then distributed the ETH to various wallets.
  • The well-known crypto sleuth ZachXBT has criticized social media influencer ProTheDoge, claiming that they promoted the Safereum project.
  • promo

A number of Blockchain analysis firms are suggested that Safereum developers have executed a $1.3 million rug pull.

While the broader crypto market is giving double-digit gains, as Bitcoin crosses $34,000, the Safereum token (SAFEREUM) has dropped to nearly zero.

How Safereum Stole Over 730 Ethereum (ETH)

According to CertiK, the meme coin project Safereum unlocked the SAFEREUM tokens and swapped them for Ethereum ETH). Later, the address distributed ETH to various wallets in batches of 45 ETH each.

Safereum rug pull,
Safereum distributes the funds to various wallets. Source: X (Twitter)

X (Twitter) users claim that Safereum also recently raised funds for the SAFEPAD token. An X (Twitter) account posted:

“Safereum / Safepad just hit the most insane rug I’ve ever seen, after finalizing their 700 ETH Safepad presale they’ve dumped over 600 ETH of Safereum and Safepad for one final exit.”

The community members point toward the irony of the project’s name, as it includes the word “safe.” An X (Twitter) user wrote:

 “Not so safe after all.”

Lastly, Safereum deleted its X (Twitter) account.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

Safereum rug pul
Safereum deletes its X account. Source: X (Twitter)

The renowned crypto sleuth ZachXBT has called out social media influencer ProTheDoge for promoting the project as its official partner. ZachXBT claims that ProTheDoge previously also promoted a “low cap garbage called BAYC 2.0”  

Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?

Meanwhile, some users have reported a compromise with the decentralized finance (DeFi) project Orbiter Finance. Crypto influencer Neel Kukreti has suggested avoiding interacting with the project and revoking all permissions. 

However, there is no official announcement from the project on X yet. Previously, in June, BeInCrypto reported that Orbiter Finance’s Discord server was hacked, which resulted in community members losing their assets, such as non-fungible tokens (NFTs), stablecoin, and other crypto tokens.

Read more: What Is a Stablecoin? A Beginner’s Guide

Do you have anything to say about the Safereum rug pull or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024
Exodus Exodus Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | October 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Harsh.png
Harsh Notariya
Harsh Notariya is an Editorial Standards Lead at BeInCrypto, who also writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created...
READ FULL BIO
Sponsored
Sponsored