• Sat. Feb 24th, 2024

Dogecoin Copycat On BNB Chain Tanks 99% In $4.5M ‘Soft Rug Pull’

BySamyuktha Sriram

Jul 26, 2022
Dogecoin Copycat On BNB Chain Tanks 99% In $4.5M 'Soft Rug Pull'

Dogecoin DOGE/USD copycat Teddy Doge TEDDY/USD has orchestrated the latest DeFi rug pull, according to blockchain analytics firm PeckShield.

What Happened: PeckShield alerted users that the Teddy Doge developers likely pulled off a “soft rugpull,” making off with $4.5 million worth of investor’s tokens. The price of TEDDY dropped 99.4% after the news made rounds.

A rug pull is a scenario when the token’s creators lure unsuspecting users into investing their crypto token only to pull liquidity and disappear with investor funds. Blockchain analytics firm Chainalysis estimated that DeFi rug pull took over $2.8 billion worth of crypto from investors in 2021.

TEDDY is a token built on Binance’s BNB Chain BNB/USD. In the case of this particular rug pull, the developers themselves were in control of the liquidity pools and were able to take hold of 30 billion TEDDY tokens.

These wallet addresses were then observed exchanging TEDDY for Wrapped BNB WBNB/USD. They were then seen converting this into 10,000 BNB and BUSD (CRYPTO:  BUSD) — Binance Chain’s native token and Binance’s issued stablecoin.

“Don’t buy tokens for now. We have closed the cross-chain bridge and are in the process of fixing it,” said admins of Teddy Doge’s Telegram group.





Image and article originally from www.benzinga.com. Read the original article here.