2023-10-24 14:45

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 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 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.

The post Safereum No Longer Safe as Team Allegedly Conducts $1.3 Million Rug Pull appeared first on BeInCrypto.

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