Dogecoin Copycat 'TeddyDoge' Drops 99.95% in $4.5 Million Rag Pull Rogue Developers Loot Liquidity Pool

TeddyDoge Price

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Categories: Cryptocurrency

Dogecoin Copycat 'TeddyDog' Drops 99.95% in $4.5 Million Rag Pull Rogue Developers Loot Liquidity Pool

 

Teddy Doge developers were able to steal such a large amount of assets easily because they controlled the Teddy Doge liquidity pool, meaning they had full access to the token pairs held in their smart contracts. Regulators are slowly starting to wake up investors to risk rogue crypto developers. In April, new legislation was filed in New York State specifically to outlaw the crypto rug pull.

Rag bridge in crypto refers to projects that often initially appear legitimate, but eventually, when the price is pumped enough, developers abandon the project and are closed with investors' assets, figuratively pull the rug from under them. In Teddy Dog's case, investigators have dubbed it a "soft rag pull" because they are not yet sure whether the developers have abandoned the project entirely.

Project’s Telegram Admins Not Sure What Happened

That Teddy Dog Telegram channel administrator is also unsure what exactly caused the loss of funds and the price crash, saying it could be "a bug in our cross-chain bridge or a leaked developer wallet". The administrators warned users not to buy any more TEDDY tokens for now, saying they had closed the cross-chain bridge and were "in the process of fixing it".

He also added that TEDDY holders will soon receive a new token called DRAC, as the project was rebranding from Teddy Doge to the DRAC network. Teddy Doge is the latest in a long line of crypto projects to defraud investors. In November 2021, the founders of the Monkey Jizz DeFi project closed investors' funds worth approximately US$300,000 after going to great lengths to appear legitimate and reassure investors.

 

 

TeddyDoge, crypto, Dogecoin, Cryptocurrency, crypto rug pull, Token, DRAC Network, Rag Bridge

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