A Suspected Rug Pull: Safereum Developers Accused of Stealing $1.3 Million
While the overall cryptocurrency market is experiencing significant gains, with Bitcoin surpassing $34,000, the Safereum token (SAFEREUM) has plummeted close to zero.
How Safereum Executed a Theft of Over 730 Ethereum (ETH)
According to CertiK, a blockchain analysis firm, the meme coin project Safereum unlocked its SAFEREUM tokens and exchanged them for Ethereum (ETH). The address then distributed ETH to different wallets in batches of 45 ETH each.
Twitter users have also alleged that Safereum recently raised funds for the SAFEPAD token and then dumped over 600 ETH of both Safereum and Safepad. The community has pointed out the irony of the project’s name, given that it includes the word “safe.”
ZachXBT Calls Out ProTheDoge for Promoting Safereum
Crypto investigator ZachXBT has criticized social media influencer ProTheDoge for endorsing Safereum as an official partner. ZachXBT has also accused ProTheDoge of promoting other questionable projects in the past.
Orbiter Finance Compromise Raises Concerns
Some users have reported a potential compromise with the decentralized finance (DeFi) project Orbiter Finance. Crypto influencer Neel Kukreti advises caution and suggests revoking all permissions associated with the project. However, there has been no official announcement from Orbiter Finance on Twitter yet.
The incident follows a previous hack in June, where Orbiter Finance’s Discord server was breached, resulting in the loss of community members’ assets, including non-fungible tokens (NFTs), stablecoins, and other cryptocurrencies.
Hot Take: Safereum Developers Accused of Rug Pulling Millions
Safereum developers are facing accusations of executing a rug pull that allegedly stole $1.3 million. The project’s token, SAFEREUM, has experienced a significant drop in value while the broader cryptocurrency market remains bullish. CertiK, a blockchain analysis firm, uncovered the suspicious activity involving the exchange of SAFEREUM tokens for Ethereum (ETH) and subsequent distribution to various wallets. Social media users have also raised concerns about Safereum’s fundraising for the SAFEPAD token and its subsequent dumping of ETH. The incident has cast doubt on the project’s credibility and highlights the importance of thorough due diligence when engaging with meme coin projects.
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