Teddy Doge meme token depreciated by 100% in a day

Wallets associated with the Teddy Doge (TEDDY) project sold tokens worth over $4.5 million on July 23-24, experts reportedPeck Shield. The price of an asset based on BNB Chain fell to zero.

Addresses connected to the TEDDY exchange contract received a total of ~10,000 BNB ($2.5 million) and ~2 million BUSD. The funds were gradually transferred to the Binance exchange.

“The installer deployed the contract and sent a large amount of TEDDY to the address 0xdbe8ef79a1a7b57fbb73048192edf6427e8a5552, and then pumped it up and brought down the price of the token,” experts explained.

They called the incident a «soft variant» rug pull. This is a scam where a team suddenly quits working on a project, sells all tokens and withdraws liquidity.

Sooho CEO Jisoo Park agreed with PeckShield in a comment to CoinDesk:

«Instead of cheating with the code,it appears that the assets allocated to the manager's account were allocated and sold in bulk. This is not a hack, this is a rug pull. But it is unclear whether they abandoned the project, so we can call it softrug».

The project administrators stated that there was an error in the nature of which they are investigating. Also, the developers «temporarily» The cross-chain bridge has stopped working.

“We are actively discussing with the exchange the next step to replace TEDDY with new DRAC tokens, we apologize,” they wrote in the next tweet.

According to CoinGecko, in the last 24 hours, the tokenlost 99.9% in price. At the maximum in February 2022, the asset was worth $0.003. The main trading platforms for TEDDY are XT.COM and BKEX, with a daily trading volume of about $8 million.

Data: CoinGecko.

Recall that in the second quarter of 2022, the total losses of crypto projects from hacks and fraud amounted to more than $670 million, according to Immunefi experts.

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