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Rug pull feared as Safereum devs reportedly unlock and dump native token

Published 10/23/2023, 11:09 PM
Updated 10/25/2023, 12:40 AM
ETH/USD
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The crypto community has been left fearing the worst after seeing huge sums of liquidity drained from the cryptocurrency project Safereum just hours after its team finalized a massive $600,000 fundraising.

According to blockchain security firm CertiK and other analysts, the developers of Safereum — using the token deployment address “safereum.eth” — unlocked the supply of the token and dumped more than 600 Ether (ETH) worth of its holdings, causing the price of the Safereum (SAFEREUM) token to plunge more than 94%.

The price of the Safereum token plummeted more than 95% after developers allegedly rugged the project. Source: CoinMarketCap

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