According to blockchain security analysts, the developers of the Safereum project have allegedly conducted an exit scam, selling over 700 ETH worth of its native token and causing the price of SAFEREUM to plummet by more than 90%. This comes just hours after the team finalized a $600,000 fundraising for a derivative token called “Safepad.” The funds raised are believed to have been part of the total stolen sum, which amounts to approximately 720 ETH, worth $1.27 million. The illegitimate funds have been distributed through various wallets, making it difficult to track. The official Safereum account on X has been deleted, and the price of the Safereum token has dropped by over 95%. Influencers, including ProTheDoge, have been called out for their alleged roles in promoting the scam project.