Safereum (SAFEREUM) price down 95% following $1.2M rug pull

October 24, 2023 03:59 AM PDT | By Invezz

Safereum (SAFEREUM) price down 95% following $1.2M rug pull — Image source: Invezz

Safereum crashes following rug pull incident

Safereum exhibits a bearish outlook following a rug pull incident on October 2023, which saw the project losing more than 730 Ether, worth around $1.2 million.

🚨 ~$1,300,000 Rug Pull Alert 🚨

At ~11PM, 23 Oct #SAFEREUM project executed a rug pull, leading to a massive dropdown of the token price

🔍 Token deployer, safereum.eth, unlocked a significant amount of tokens and did a blowout sale

🧵 On-chain details👇 pic.twitter.com/EybwDWf2jX

— De.Fi🛡️Web3 Antivirus (@DeDotFiSecurity) October 24, 2023

Meanwhile, ZachXBT’s X (formerly Twitter) post highlighted that influencer ProTheDoge marketed the scam. The promoter, known by some as SlumDOGE Millionaire, has advertised various rug pulls in the crypto market.

He presented SAFERUM as a secure meme token audited five times, adding that it will see bullish rallies. Moreover, he applauded the Safereum team for the asset’s swift recovery as its market cap rose from the $3 million lows to new ATHs.

SAFEREUM attracted market players due to its friendly conditions. For instance, users do not pay taxes when converting, buying, or selling Safereum coins. Also, it uses Ethereum’s internal network, contrary to most cryptos, which depend on blockchain technology.

Meanwhile, Safereum rug pull exit highlights security concerns within the decentralized finance (DeFi) sector.

Legitimacy issues within the crypto market

Besides being a million-dollar exit, Safereum’s rug pull incident shows weakness within the crypto and DeFi industries. The project has existed for around two weeks, with a mysterious team, marketing fund size, and cryptocurrency connection network.

Further, SAFEREUM appeared legit as renowned platforms, including Gate.io, Bybit, L Bank, and MEXC, listed the altcoin, alleviating nearly all the red flags it exhibited.

Crypto listing procedure involves multiple rules, including the product’s usefulness, a proven team, and other bureaucratic procedures. Nevertheless, most platforms consider market volume when adding new assets to their catalog.

This narrative should change, and influential platform can use their credibility to improve the industry, safeguard customers, and ensure that firms adhere to the rules.

The post Safereum (SAFEREUM) price down 95% following $1.2M rug pull appeared first on Invezz

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