Safereum Exit Rip-off-Oct 23, 2023-Detailed Evaluation

Introduction

On October 23, 2023, Safereum skilled a extreme rug pull, leading to a lack of roughly $1.3 million in an exit rip-off.

The externally owned deal with (EOA) related to the ENS safereum.eth was discovered on the epicenter of this fraudulent exercise.

The results: A dramatic 92% drop within the value of Safereum, marking it as one of the vital important exit scams of the month.

The Rip-off Mechanics

The Triggering Occasion

The rip-off’s initiation may be traced again to the unlocking of Safereum tokens held in a PinkLock contract by the EOA linked to safereum.eth.

Following this unauthorized launch, a large sale of those tokens occurred, resulting in a plummet in Safereum’s value.

Additional Monetary Drain

Including insult to harm, after the conclusion of the mission’s SAFEPAD Honest Launch, funds have been siphoned off to safereum.eth. This unauthorized switch amounted to a staggering lack of round $1.3 million in ETH.

In-depth Look into Safereum’s Operations

Group Background & Connections

Safereum’s sensible contract was launched to the crypto area on September 28, 2023, by EOA 0xf79.

Delving deeper reveals an intricate internet of connections: the deployer was initially bankrolled by EOA 0xD24, which has ties to the ENS shiaholic.eth.

Main funding routes for the pockets have been via platforms like FixedFloat and ChangeNOW.

Regardless of some visibility into a person’s Telegram account associated to those transactions, their X account disappeared, coinciding with the Safereum rip-off, including to the thriller.

As extra layers of this intricate rip-off are peeled again, it turns into evident that the person behind the shiaholic.eth pockets and related accounts, was presumably the mastermind behind Safereum’s deployment.

Sequence of Doubtful Occasions

Token Dynamics

Postdeployment, Safereum witnessed important token exercise. On October 2nd, safereum.eth locked a whopping 100 billion SAFEREUM tokens via PinkLock, setting an alarmingly brief unlock time of 13 seconds.
Txn: https://etherscan.io/tx/0x580e97a885468cd582356ad741c9b23b38aadccb6a26a320cc233136b28dbebb

These tokens have been dormant until October 22, after they have been unlocked, and 4.5 billion SAFEREUM was directed to KuCoin. Apparently, 95 billion of those tokens have been relocked, hinting at a calculated ploy.

The FairLaunch Episode

October 23 noticed Safereum’s FairLaunch for SafePad, concentrating on a tender cap of 20 ETH. Because the presale culminated, a stunning 755.3389161 ETH (~$1,382,894) had been amassed.

Nevertheless, what adopted was an unsanctioned division of the SafePad presale funds, resulting in additional monetary hemorrhage.

Following the SAFEPAD Honest Launch, safereum.eth executed the ‘Finalize’ operate, distributing the presale funds as follows: 14.37 ETH to 0x4B0, 21.13 ETH to 0x498 ERC1967Proxy, 334.83 ETH to 0x67c (safereum.eth), and 348.49 ETH to the liquidity pool. The LP tokens have been then locked within the Pink Lock contract for a 12 months, placing the remaining SAFEPAD liquidity pool funds in danger.

The Exit Rip-off’s Footprints

The unscrupulous actions on October 23 had a ripple impact, hitting each SAFEPAD and SAFEREUM tokens. Detailed breakdowns illustrate the scope and audacity of this rip-off, portray a grim image of the crypto panorama.

Safereum.eth initially acquired 800 billion SAFEPAD tokens, with about 683.9 billion tokens locked within the token presale contract.

This motion left roughly 116 billion SAFEPAD tokens in safereum.eth’s pockets, which have been bought alongside the unlocked SAFEREUM tokens. Together with the misappropriated ETH transferred to safereum.eth, the overall rip-off amounted to a lack of 766.98 ETH (roughly $1.3 million).

At the moment, round 110 WETH (price practically $197,000) stays within the SAFEPAD 3 liquidity pool, in danger as soon as the LP tokens are unlocked.

The stolen ETH was distributed on this method: 13 wallets obtained 45 ETH every, which have been subsequently transferred via mounted float, whereas 0x01Ee and 0xa220 obtained 3 ETH and 25 ETH, respectively.

Lastly, ETH price slightly below $200,000 was transformed to USDT and divided amongst three wallets, which then bridged the funds by way of a hard and fast float.

Closing Ideas

The Safereum debacle, being the third most important exit rip-off detected in October by Immunebytes, provides a sobering lesson. Whereas the mission flaunted endorsements from a number of audit corporations, this incident underscores the constraints of sensible contract audits in shielding traders from scams.

Author: ImmuneBytes
Date: 2023-10-25 04:19:32

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Alina A, Toronto
Alina A, Torontohttp://alinaa-cybersecurity.com
Alina A, an UofT graduate & Google Certified Cyber Security analyst, currently based in Toronto, Canada. She is passionate for Research and to write about Cyber-security related issues, trends and concerns in an emerging digital world.

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