Safereum rug pull shook the DeFi community, as developers sold $1.27 million in tokens, causing more than 94% price crash. The actions indicate an exit scam, emphasizing the need for DeFi caution and regulatory oversight to protect investors.
The world of decentralized finance (DeFi) has been shocked by the Safereum exit scam. Safereum’s developers executed a series of suspicious transactions, causing the value of SAFEREUM tokens to plummet over 90% within hours. This move involved the sale of over 700 ETH, worth approximately $1.27 million at current market prices. Then, Safereum, originally promoted as a meme-based cryptocurrency project with a security focus, has gone silent on its official Twitter account, website, and Telegram channel since the incident.
The suspicious activity unfolded mere hours after Safereum concluded a fundraising event for its derivative token, Safepad, netting a substantial $600,000 from eager investors. The sudden disappearance of liquidity and the vanishing act of Safereum’s development team strongly point toward an exit scam, leaving the crypto community in shock and disbelief.
As a result of the alleged exit scam, the SAFEREUM token price plummeted from $0.000014 to around $0.0000008, leaving investors reeling and with little hope of recovering their lost funds.
Investigate Safereum rug pull
According to Scorechain AML and Compliance solution, the address 0x67c8423a7709aDB8ED31c04DcbB0C161637b807F has been red-flagged as “Safereum Exit Scam”. The system also shows that this wallet owner has distributed ETH to various wallets in batches of 45 ETH each.
Moreover, the solution detected that the scammer tried to launder the funds with a mixing service, FixedFloat.
The Safereum rug pull, which absconded with $1.3 million from investors, serves as a stark reminder of the need for vigilance within the DeFi space, particularly when dealing with projects led by anonymous teams. With scams like this increasingly targeting uninformed retail investors through social media promotions, the calls for regulatory scrutiny and investor protection are growing louder. To address these issues, comprehensive blockchain AML (Anti-Money Laundering) compliance solutions like Scorechain can help you mitigate illicit crypto risks and crimes.
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