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Dogecoin Copycat TeddyDoge Crashes by 99%, Becomes Rug Pull

Dogecoin Copycat TeddyDoge Crashes by 99%, Becomes Rug pull

The price of a Dogecoin imitation called TeddyDoge (TEDDY) has practically reached zero after dropping by more than 99.94% over the previous 24 hours, according to data provided by Coingecko.

According to the report, 10,000 BNB tokens, valued at about $2,557,376 at the time of writing, and $2 million worth of Binance USD (BUSD) stablecoins were stolen by the culprits behind the operation. The assets are, however, now being moved slowly to the Binance exchange.

Teddy Doge is a “soft rug pull”

The “take the rug out from under someone” is the origin of the term “rug pull“, which refers to abruptly ending support. The Decentralized Finance (DeFi) projects that provide liquidity to Decentralized Exchanges (DEXs) are those most frequently associated with rug pulls. However, according to blockchain security firm PeckShield, the TeddyDoge project is a “soft rug pull.”

In a soft rug pull, founders merely dump their tokens, pretending to the community that they are still invested in and supporting the project instead of burning through all the tokens in the project. By doing this gradually, the existing cryptocurrency investors will hold a token that has been drastically depreciated.

Dogecoin Copycat TeddyDoge Crashes by 99%, Becomes Rug pull

PeckShield asserts that the deployer deployed the contract, and also sent a significant amount of $Teddy token to a designated Binance Smartchain address before pumping and dumping the token’s price.

PeckShield has also detected that TeddyDoge may be related to another project named Half Pizza.

TeddyDoge (DRAC Network) is currently trading at $0.000000021 on Coinmarketcap, with a 24-hour trading volume of $11,457,615 USD. Over the previous twenty-four hours, the token has decreased by 99.95%.

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