July 25, 2022
Dogecoin-inspired memecoin Teddy Doge collapsed more than 94% in the last 24 hours.
Blockchain security firm PeckShield reported that the project built on BNB Chain is a soft rug pull
Teddy Doge’s deployer exchanged TEDDY tokens for thousands of wrapped BNB over the weekend, PeckShield reported.
Korean blockchain security firm Sooho also termed the project a "soft" rug pull.
Addresses connected to the project exchanged TEDDY for wrapped BNB, which in turn was exchanged for over 10,000 BNB and 2 million BUSD, PeckShield added. .
Project admins said on Teddy Doge’s Telegram channel that they were “not certain whether it is a bug in our cross-chain bridge or a leaked developer wallet.”
Teddy Doge had raised hundreds of thousands of dollars in an initial token offering.