The Teddy Doge project based on Dogecoin turned out to be fraudulent – the developers sold their stocks of tokens, which completely brought down the rate of the digital coin, and disappeared with the proceeds.
The scam was announced by blockchain security company PeckShield. According to specialists from PeckShield, the developers artificially manipulated the price of the token. They moved a large amount of TEDDY to 0xdbe8ef79a1a7b57fbb73048192edf6427e8a5552 and ran a pump and dump (inflated price) scheme several times. As a result, the token rate collapsed by 99.4%.
As a result, the developers of Teddy Doge have accumulated considerable funds – 10,000 BNB coins with a total value of $2.6 million and about $2 million in BUSD stablecoins. Funds from the wallet are now gradually transferred to the Binance exchange, from where the scammers probably withdraw them to other wallets.
According to PeckShield employees, TEDDY developers may be connected to another cryptocurrency project, Half Pizza.
Earlier, the co-founders of the company, Daniel Finlay and Aaron Davis, emphasized that scammers earn money thanks to human greed. And if the cryptocurrency community moderated their appetites a little, then schemes like “pump and dump” would be impossible.
Source: Bits
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