Meme Coin Teddy Doge Rug Pulls $4.5M Worth of Tokens
Image credit goes owner
Teddy token fell some 99.7% in the past 24 hours.
Image credit goes owner
Teddy Doge's deployer contract traded TEDDY tokens for large number of wrapped BNB.
Image credit goes owner
South Korean blockchain security firm Sooho also termed the project a "soft" rug pull.
Image credit goes owner
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.
Image credit goes owner
This was possible as the rogue developers controlled the project's liquidity pools.
Image credit goes owner
Liquidity pools allude to the symbolic matches held by brilliant agreements on decentralized trades, like PancakeSwap.
Image credit goes owner
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.
Image credit goes owner
Teddy Doge had raised hundreds of thousands of dollars in an initial token offering.