Safe Global Copycat Token Rug Pull

Notice: This page is a freshly imported case study from the original repository. The original content was in a different format, and may not have relevant information for all sections. Please help restructure the content by moving information from the 'About' section to other sections, and add any missing information or sources you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

Safe Global Logo/Homepage

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.

This is a global/international case not involving a specific country.

About Safe 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%."

This is a global/international case not involving a specific country.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Safe Global Copycat Token Rug Pull

Date	Event	Description
April 23rd, 2024 4:27:36 AM MDT	2,000,000,049,555,986.53257310541598048 SAFE swapped for 752,837.096800333140926944 BSC-USD.
April 30th, 2024 12:21:48 AM MDT	SlowMist Analysis	The SlowMist team reviews details about the token on DexTools.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $753,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.