Traders of BNB chain-based meme coin Teddy Doge (TEDDY) have change into the most recent sufferer of a “delicate rug pull,” blockchain safety and analytics agency PeckShield alleged in a July 25 tweet.
Rug pulls discuss with scams the place builders of a cryptocurrency venture appeal to buyers after which abandon the venture and abscond with the cash.
Wallets related to builders of the venture obtained maintain of 30 billion TEDDY tokens, price over $4.5 million, PeckShield stated. This was potential for the reason that builders managed the liquidity swimming pools.
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is delicate rugpull. $Teddy has dropped -99.4%. The belongings 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 worth of TEDDY tokens has nose-dived 100% prior to now 24 hours, in line with CoinGecko information.
Nevertheless, Teddy Doge admins on Telegram stated that they have been unsure whether or not the transactions came about attributable to 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 stated:
“Don’t purchase tokens for now. Now we have closed the cross-chain bridge and are within the technique of fixing it.”
The admins added that the group is engaged on changing holders’ TEDDY with DRAC, a brand new token, because the venture is rebranding itself to Drac Community.