Another Dogecoin Copycat Ends Up Being Rug Pulled as TeddyDoge Slumps 99%

Another Dogecoin Copycat Ends Up Being Rug Pulled as TeddyDoge Slumps 99%

The OG Dogecoin managed to vault into crypto stardom in 2021 together with its rival Shiba Inu, because of a push from Tesla chief Elon Musk. But the identical can’t be mentioned for a lot of such copycats. One such is – TeddyDoge (TEDDY).

As per blockchain safety agency, Peckshield, the challenge is a comfortable rug pull.
The deployer of the contract reportedly pumped and dumped the native token, TEDDY, leading to a lack of 99.4% of its worth.
The entity behind the newest rug pull managed to accumulate almost 10,000 BNB tokens (approx. $3 million) and $2 million value of BUSD stablecoins.
Peckshield mentioned that the property are at the moment being transferred to cryptocurrency alternate – Binance.
It additionally detected that TeddyDoge could possibly be associated to Half Pizza, a Binance Smart Chain (BSC) platform that describes itself as a decentralized rewarding autonomous neighborhood (DRAC).
The memecoin is a DRAC community challenge, a public chain developed independently on Ethereum.
DRAC’s official Twitter account posted a tweet revealing that it has halted the cross-chain bridge.

“We temporarily closed the cross-chain bridge.”

Shortly thereafter, one other crypto alternate BitMart introduced suspending all TEDDY-related options citing technical upgrades.
According to DRAC, the staff is now “actively discussing” the following step with BitMart to exchange the brand new DRAC tokens with TEDDY tokens. Its tweet concerning the identical learn,

“We are actively discussing the next step with the exchange to replace the new DRAC tokens with TEDDY tokens, for which we are sorry.”

Squid Game (SQUID) was one more memecoin impressed by the Netflix hit collection “Squid Game,” which misplaced all its worth in November final 12 months in an obvious rug pull.
The devs behind the challenge reportedly fled with an estimated $3.38 million value of funds.

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