Investors in BNB chain-based memecoin TeddyDoge (TEDDY) claimed in a tweet on July 25 that blockchain security and analytics firm PeckShield has become the latest victim of “soft rug pull”. increase.
Ragpur is a scam in which a cryptocurrency project developer attracts investors, abandons the project and abandons money.
The wallet connected to the project’s developers has earned 30 billion TEDDY tokens worth more than $ 4.5 million, Peckshield said. This was possible because the developers managed the liquidity pool.
#PeckShieldAlert #rugpull Teddy Doge @DRAC_Network It is a soft rug pull. $ Teddy It decreased by -99.4%.Currently the assets are https://t.co/3zu55iZAWX (Receives a cumulative total of about 10,000 $ BNB & 2m $ BUSD) And slowly transferred @Binance pic.twitter.com/I48dWkLIOE
— PeckShieldAlert (@PeckShieldAlert) July 25, 2022
PeckShield then claims that the developers exchanged TEDDY tokens for wrapped Binance Coin (WBNB) over the weekend and obtained them from over 100 wallets. These WBNB tokens have been converted into over 10,000 BNB tokens and 2 million Binance USD. PeckShield added that this is a native stablecoin for crypto exchange Binance. The developers then slowly sent over 10,000 BNB tokens and 2 million BUSD tokens to Binance.
According to CoinGecko, the price of TEDDY tokens has plummeted 100% in the last 24 hours, suspected of being rugged. data..
However, Telegram’s Teddy Doge administrator said he wasn’t sure if the transaction was due to a purchase or a leak in the developer wallet.
PeckShield has detected a connection between Teddy Doge and Memecoin HalfPizza (PIZA) issued by Drac Network, a public chain developed independently based on Ethereum. The administrator of Telegram’s Teddy Doge said:
“Don’t buy tokens now. We’re closing the cross-chain bridge and fixing it.”
The administrator added that the team is working to replace the owner’s TEDDY with the new token, DRAC, as the project has been rebranded to Drac Network.
