The OG Dogecoin managed to vault into crypto stardom in 2021 along with its rival Shiba Inu, thanks to a push from Tesla chief Elon Musk. But the same cannot be said for many such copycats. One such is – TeddyDoge (TEDDY).
As per blockchain security firm, Peckshield, the project is a soft rug pull.
The deployer of the contract reportedly pumped and dumped the native token, TEDDY, resulting in a loss of 99.4% of its value.
The entity behind the latest rug pull managed to acquire nearly 10,000 BNB tokens (approx. $3 million) and $2 million worth of BUSD stablecoins.
Peckshield said that the assets are currently being transferred to cryptocurrency exchange – Binance.
It also detected that TeddyDoge could be related to Half Pizza, a Binance Smart Chain (BSC) platform that describes itself as a decentralized rewarding autonomous community (DRAC).
The memecoin is a DRAC network project, 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, another crypto exchange BitMart announced suspending all TEDDY-related features citing technical upgrades.
According to DRAC, the team is now “actively discussing” the next step with BitMart to replace the new DRAC tokens with TEDDY tokens. Its tweet regarding the same read,
“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 yet another memecoin inspired by the Netflix hit series “Squid Game,” which lost all its value in November last year in an apparent rug pull.
The devs behind the project reportedly fled with an estimated $3.38 million worth of funds.