Safereum project is facing serious allegations after its developers reportedly conducted a ‘rug pull’, draining user funds from the platform and crashing the price of its native token. the developers of Safereum using the token deployment address “safereum.eth” unlocked the supply of the token and dumped more than 600 Ether worth of its holdings, causing the price of the Safereum (SAFEREUM) token to plunge more than 94%. they unlocked and sold off over 600 Ether worth of SAFEREUM tokens, amounting to approximately $1.3 million at current prices. Several crypto influencers on Twitter had been promoting Safereum extensively prior to its launch, which helped attract unsuspecting users. Critics have called out these promoters for failing to conduct proper due diligence. ZachXBT also revealed in his post that the cryptocurrency influencer ‘ProTheDoge’ also known as “SlumDOGE Millionaire,” was one of the big players promoting the scam. The influencer is reportedly notorious for promoting rug pull tokens similar to SAFEREUM. In some of his X posts from earlier this year, SlumDOGE Millionaire explained that he is extremely bullish on SAFEREUM. He also highlighted the fact that there were allegedly 5 audits done on the project. Regulators may need to pay closer attention to these apparent scams promoted on social media to uninformed retail investors. For now, Safereum users have little recourse to recover their lost funds. This rug pull exit scam adds to the increasing number of DeFi frauds reported in 2022. The crypto community is left wondering if better solutions can emerge to make the space safer for average users. Users are advised to exercise extreme caution when dealing with newer DeFi projects with anonymous teams. CoinMarketCap indicated that, at press time, SAFEREUM was trading hands at $0.0000007193. This came after the token’s price plunged by more than 94% throughout the past 24 hours of trading. The token reached its ATH price of $0.0000182 on 21 October 2023. 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. 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.#safereum

What is a block halving?
A block halving is a process that reduces the rate at which new cryptocurrency units are generated, primarily through periodic events that lead to a decrease in the block rewards granted to miners.
Why are halvings significant?
Halvings are central to cryptocurrency economic models as they guarantee coins will be issued at a consistent pace, following a predictable decaying rate. This controlled rate of monetary inflation stands as a primary contrast between cryptocurrencies and traditional fiat currencies, which essentially possess an infinite supply.
How many Bitcoin halvings have there been previously?
As of July 2019, there had been only two prior Bitcoin halving events, taking place on the 28th of November, 2012, and the 9th of July, 2016. During the first halving event, the price of Bitcoin stood at $12.31, while it was at $650.63 during the second halving event.
A total of 32 Bitcoin halving events will ever occur. After all these events have transpired, no further halvings will take place, and there will be no additional Bitcoin created, as the maximum supply will have been reached.
#WebGTR #BlockHalving #BTC #etf #safereum