Teddy Doge

The price of meme coin Teddy Doge ($TEDDY) crashed by over 99% following news that the project engaged in a ‘soft’ rug pull

The Rug Pull

Teddy Doge offered investors a platform for token swaps, NFTs, and cross-chain products. However, it was reported by security firm PeckShield (25/07/22) that BNB-based cryptocurrency Teddy Doge orchestrated a ‘soft’ rug pull after wallets connected to the project’s developers sold Teddy Doge in order to purchase other cryptocurrencies.

Teddy Doge Twitter

The rug pull occurred as wallets connected to the project’s deployer contract quickly exchanged $TEDDY tokens en masse for wrapped BNB (WBNB). Following this swap, the Wrapped BNB was then converted to BNB and the BUSD stablecoin, before it was sent to the Binance exchange likely to be liquidated.

PeckShield dubbed this attack as a ‘soft’ rug pull as the tokens were transferred from a wallet linked to the members of the Teddy Doge team rather than being stolen, making it a rug pull rather than a hack. The term ‘soft’ is added as it’s currently unclear whether the team has completely abandoned the project.

The project was in the process of rebranding itself to the Drac Network ($DRAC). On the official Drac Network Twitter account, the team announced that they had temporally suspended the cross-chain bridge and warned investors to not buy any $TEDDY tokens. While the team has pledged to provide $TEDDY holders with the new $DRAC token, it’s worth noting that the DracScan website is currently offline.

While the Teddy Doge situation is unfortunate, there are still plenty of legitimate projects primed for investment. For example, Metaverse play-to-earn platform Battle Infinity (IBAT), which is one of the best crypto presales on the market. The project has already raised over $1 million in the two weeks since its release and aims to a P2E games platform that will feature a series of player-versus-player games, a fantasy sports league, an NFT marketplace, and more.

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