- The founders of Teddydoge have executed an exit scam, taking $5 million with them
- The administrators deployed 30 billion TEDDY tokens which they sold, crashing the market
- The memecoin was only launched in February this year
Teddydoge, a Dogecoin knockoff that was about as legitimate as a $10 Gucci handbag, collapsed yesterday as the founders exited stage left with over $2 million. The memecoin, which launched earlier this year, claimed to be a “multifunctional swap integrating transaction, exchange, farm, wallet and chart”, hadn’t put out a tweet since mid-April, since when the value of the token had declined by 86%. Fearing a complete price crash, the founders have seemingly cashed out what remained and waltzed off into the sunset.
Stuffing Ripped Out of TEDDY
The TEDDY token had been on a downward trajectory ever since launching in February, with, shock horror, the reality not living up to the hype. Having pumped and dumped the token at the start of the year, the creators have clearly chosen now to screw anyone else foolish enough to still be holding a memecoin at this point in the market cycle, with 30 billion TEDDY tokens being deployed from the admin account and sold on Pancakeswap:
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is soft rugpull. $Teddy has dropped -99.4%. The assets currently sit in https://t.co/3zu55iZAWX (accumulatively receive ~10k $BNB & 2m $BUSD) and are slowly transferred to @Binance pic.twitter.com/I48dWkLIOE
— PeckShieldAlert (@PeckShieldAlert) July 25, 2022
According to Peckshield, the haul sold for nearly 10,000 BNB tokens (approximately $3 million) and $2 million worth of BUSD. This is, according to the security firm, on its way to Binance where it will presumably be chased out, unless the exchange takes action to freeze the assets.
“Technical Upgrades” Warrant Suspension
Bitmart alerted its users to “technical upgrades” regarding the TEDDY token as it suspended all related activities yesterday, while DRAC, a decentralised rewarding autonomous community of which Teddydoge was connected, also suspended its crosschain functionality, essentially shutting it down. At this point, most holders realised the game was up:
My all money lost please start the trade in bitmart and set the old price 😭😭😭
— Shehryar Mughal (@Shehrya50100995) July 25, 2022
They deleted the telegram group!
— NIKHIL (@NIKHILK04338402) July 25, 2022
Teddydoge will not be the last memecoin to pull this kind of a stunt as the bear market continues, although holding any at this point is like playing Russian roulette with your finances.
