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

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

OG Dogecoin has managed to rise to crypto stardom in 2021 alongside rival Shiba Inu, thanks to a push from Tesla CEO Elon Musk. But for many of these imitators, that’s not the case. One of them is – TeddyDoge (TEDDY).

According to blockchain security firm Peckshield, the project is a soft carpet. The contract’s deployers reportedly pumped and dumped the native token, TEDDY, causing a loss of 99.4% of its value. The entity behind the latest rug pull managed to acquire nearly 10,000 BNB tokens (~$3 million) and $2 million worth of BUSD stablecoins. Peckshield said the assets are currently being transferred to the cryptocurrency exchange Binance. It also detected that TeddyDoge may be related to Half Pizza, a Binance Smart Chain (BSC) platform that describes itself as a Decentralized Rewards Autonomous Community (DRAC). memecoin is a DRAC network project and a public chain independently developed on Ethereum. DRAC’s official Twitter account posted a tweet showing that it had stopped the cross-chain bridge.

“We have temporarily closed the cross-chain bridge.”

Shortly thereafter, another cryptocurrency exchange, BitMart, announced the suspension of all TEDDY-related functions, citing technical upgrades. According to DRAC, the team is now “in active discussions” with BitMart on the next step, replacing the new DRAC token with the TEDDY token. its tweets about the same reading,

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

Squid Game (SQUID) is another memecoin inspired by Netflix’s hit series “Squid Game,” which lost all value in an apparent tug of war last November. The developers behind the project reportedly fled with funds estimated to be worth $3.38 million.

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