Cryptocurrency Teddy Doge fell by 100% per day

The value of Teddy Doge (TEDDY), a cryptocurrency based on the BNB Chain, fell by 100% in a day — crypto wallets connected to the token sold TEDDY worth more than $ 4.5 million on July 23−24.

As it became known thanks to security experts Peck Shield Alert, wallets connected to the TEDDY exchange contract received 10,000 BNB (about $ 2.5 million) and 2 million BUSD. The owners of the addresses transferred the funds to the Binance crypto exchange. According to CoinGecko, the token has lost 99.9% in value over the past 24 hours. The maximum value of TEDDY was $ 0. 003 in February 2022.

«Representatives of TEDDY unwrapped the contract and transferred a large amount of cryptocurrency to the address 0xdbe8ef79a1a7b57fbb73048192edf6427e8a5552, and then downloaded it and crashed the token price to 0,» Peck Shield Alert explained.

According to the experts, the owners of Teddy Doge apparently decided to abandon their project. This is due to a rug pull (a fraudulent scheme where the team sells all tokens and withdraws liquidity). However, the project representatives stated that there was an error in the system, the reasons for which they are currently trying to figure out.

We have recently reported on a similar situation with the Baller Ape Club project (which copied BAYC). The co-founders of Baller Ape Club sold NFTs in the form of various monkeys, and after selling the first batch of tokens, they closed the project, deleted the website, and disappeared with $ 2.6 million in investor funds. The fraudsters withdrew liquidity from the pools (rug pull), converted tokens into other crypto assets, and moved them to «cover their tracks.»