Apr 2024 - Safe Global Copycat Token Rug Pull - $753k (Global)
"Safe Smart Accounts are battle tested and used more than any other" "Safe envisions a future where every onchain account is a smart account" "At Safe, we pursue a future where everyone has complete control and flexibility over their digital assets. Our vision is to move from merely reading and writing in the digital realm to fully owning our digital identities, financial assets, digital art, and more."
"While externally-owned accounts (EOAs) have been the cornerstone of digital assets management thus far, they have a lot of limitations and fall short in onboarding mainstream users. Not only are seed phrases cumbersome to secure, but the lack of flexibility and the limited security of EOAs hinder our progress toward actual digital ownership.
Safe is at the forefront of modular smart account infrastructure, paving the way for developers to create various applications and wallets. Safe brings digital ownership of accounts to everyone by building universal and open contract standards for the custody of digital assets, data, and identity."
"Since 2018, our smart contracts have passed the highest possible security standards in the industry including formal verification."
"SAFE Token Participate in the Ownership Revolution"
"SAFE Token acts as your key to participate in web3’s transition to smart accounts. Token holders tap into a diverse and ever-evolving ecosystem and govern the future of Safe."
"Safe is governed by SafeDAO, a decentralized collective of core contributors, backers, GnosisDAO, users, and ecosystem contributors i.e Safe{Guardians}." "Safe{DAO}'s progression towards a decentralized governance model serves to further empower SAFE token holders."
"This is a fake SAFE token. Please exercise caution when interacting with it. Reported by HashDit."
"The Fake Safe Token (SAFE) on BNBChain is suspected of a rug pull, and the current token price has dropped by 100%."
Further Analysis
Safe Global offers an infrastructure for externally owned accounts, which are designed to improve the control and flexibility of blockchain users over their wallets. This protocol is governed by the SafeDAO, and voting in the SafeDAO is decided based on holding the Safe Token. Safe Token only exists on the Ethereum blockchain, however some crafty con artists created a token on the Binance Smart Chain, and many fell victim by purchasing that token. The total losses exceeded $753k by the time the token rug pulled. While sites like BSCScan now display the token as being unrelated to Safe Global's token, it's unclear whether any actions are being taken for those affected.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
YIEDL Smart Contract Redeem Vulnerability > > < < Magpie Protocol Unchecked Contract Inputs
Sources/Further Reading
SlowMist Hacked - SlowMist Zone (Dec 31)
https://www.dextools.io/app/cn/bnb/pair-explorer/0x19ac6523422b5ffe9968077db5db731cf96e5209 (Dec 31)
BNB Smart Chain Transaction Hash (Txhash) Details | BscScan
(Dec 31)
BEP-20 TOKEN* Token Tracker | BscScan
(Dec 31)
Safe price today, SAFE to USD live price, marketcap and chart | CoinMarketCap (Dec 31)
Safe Price: SAFE Live Price Chart, Market Cap & News Today | CoinGecko (Dec 31)
Ethereum Smart Accounts (Dec 31)
SAFE Token - Learn about Token Utility & Tokenomics | Safe (Dec 31)
Welcome – Safe Docs (Dec 31)
 t.me/QuadrigaInitiative
|
 /r/QuadrigaInitiative
|
 @QuadrigaInit
|
 info@quadrigainitiative.com
|