Buyers of BNB chain-based meme coin Teddy Doge (TEDDY) have grow to be the newest sufferer of a “comfortable rug pull,” blockchain safety and analytics agency PeckShield alleged in a July 25 tweet.
Rug pulls confer with scams the place builders of a cryptocurrency challenge appeal to buyers after which abandon the challenge and abscond with the cash.
Wallets linked to builders of the challenge acquired maintain of 30 billion TEDDY tokens, value over $4.5 million, PeckShield mentioned. This was attainable because the builders managed the liquidity swimming pools.
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is comfortable rugpull. $Teddy has dropped -99.4%. The property at present sit in https://t.co/3zu55iZAWX (accumulatively obtain ~10k $BNB & 2m $BUSD) and are slowly transferred to @Binance pic.twitter.com/I48dWkLIOE
— PeckShieldAlert (@PeckShieldAlert) July 25, 2022
The builders then swapped the TEDDY tokens for wrapped Binance Coin (WBNB) over the weekend, from over 100 wallets, PeckShield claims. These WBNB tokens had been then transformed to over 10,000 BNB tokens and a couple of million Binance USD, the native stablecoin of crypto change Binance, PeckShield added. The builders then slowly despatched over the ten,000 BNB tokens and a couple of million BUSD tokens to Binance.
Following the alleged rug pull, the worth of TEDDY tokens has nose-dived 100% prior to now 24 hours, in keeping with CoinGecko information.
Nevertheless, Teddy Doge admins on Telegram mentioned that they had been unsure whether or not the transactions passed off because of a purchase or a leaked developer pockets.
PeckShield detected a connection between Teddy Doge and meme coin Half Pizza (PIZA), issued by Drac Community, a public chain independently developed primarily based on Ethereum. Admins of Teddy Doge on Telegram mentioned:
“Don’t purchase tokens for now. We have now closed the cross-chain bridge and are within the technique of fixing it.”
The admins added that the workforce is engaged on changing holders’ TEDDY with DRAC, a brand new token, because the challenge is rebranding itself to Drac Community.
