Traders of BNB chain-based meme coin Teddy Doge (TEDDY) have turn into the most recent sufferer of a “comfortable rug pull,” blockchain safety and analytics agency PeckShield alleged in a July 25 tweet.
Rug pulls check with scams the place builders of a cryptocurrency undertaking appeal to buyers after which abandon the undertaking and abscond with the cash.
Wallets linked to builders of the undertaking obtained maintain of 30 billion TEDDY tokens, price over $4.5 million, PeckShield mentioned. This was attainable for the reason that builders managed the liquidity swimming pools.
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is comfortable rugpull. $Teddy has dropped -99.4%. The property presently 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 have been then transformed to over 10,000 BNB tokens and a couple of million Binance USD, the native stablecoin of crypto trade 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 value of TEDDY tokens has nose-dived 100% previously 24 hours, based on CoinGecko information.
Nonetheless, Teddy Doge admins on Telegram mentioned that they have been unsure whether or not the transactions passed off on account 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 based mostly on Ethereum. Admins of Teddy Doge on Telegram mentioned:
“Don’t purchase tokens for now. We’ve closed the cross-chain bridge and are within the technique of fixing it.”
The admins added that the staff is engaged on changing holders’ TEDDY with DRAC, a brand new token, because the undertaking is rebranding itself to Drac Community.
