Safereum Rug Pull SCAM: $1.3M Dances Out of Investors’ Pockets

Key Takeaways:

• Safereum rugged its investors for $1.3 million.
• The project was actively shilled on social media by several influencers.
• Caution! Safereum 2.0 emerged, with no whitepaper and no information on the team.

YEREVAN (CoinChapter.com) – The Safereum project reportedly scammed its early investors and liquidated the funds just hours after finalizing a $600,000 fundraising for the project’s second token – SAFEPAD.

Safereum rug pulled $1.3M of investor money

In general, the project scammed its investors for over 720 ETH, amounting to approximately $1.3 million by Oct 24 exchange rate. Crypto audit firm CertiK confirmed the scam, noting that “safereum.eth unlocked Safereum tokens and sold.”

The firm also noted that the rugged funds were then distributed through a series of wallets, further hindering the surveillance process.

The price of the SAFEREUM coin subsequently tanked by over 94% and consolidated at around $0.000001404 on Oct 24.

Meanwhile, before the rug pull occurred, the project assured its followers, that Safereum underwent five separate audits from the following companies: Cyberscope Audit, SourceHat Audit, InterFi Audit, BlockSAFU Audit, and SecureWise Audit.

The project passed all of them. However, those audits targeted the contract itself, and not the malicious intent of the team to liquidate the funds after fundraising.

The project was shilled on social media

According to crypto analyst @zachxbt, several influencers actively promoted the scam on social media. One of them was Glauber Contessoto, aka SlumDoge Millionaire, also known as ProTheDoge, a crypto personality with an extensive following.

@zachXBT called Contessoto an official partner of the project, but no such proof was found.

As of Oct 24, Safereum’s official Twitter page is no longer available, as well as the website. Before shutting down, here is how the page advertised Safereum:

Erupting as a sequel to a monumental tale that forever transformed the cryptosphere, we echo the spirit of an unspoken predecessor, while carving it’s own unique path.

Generally, a good rule of thumb is to steer clear of such generalizations, especially when a project lacks a concrete whitepaper.

What is Safereum 2.0?

Meanwhile, a simple X.com search revealed a similar project, Safereum 2.0. Its connection to the Safereum rug pull is not a given. However, there are glaring similarities in the purpose (as the team presents it) and in overall design, suggesting Safereum 2.0 is a sequel to the original project.

Meanwhile, potential investors should do their research before committing to this project. The website does not contain any information on the team. It also lacks a whitepaper detailing what the project is all about, much like the original.

It does feature a viable Twitter page that has been active for less than a month and also claims to have audits from several separate firms. However, the Safereum rug pull testified to the fact that having several audits does not always add up to a safe project.