Dogecoin Copycat Ends Up Being “Rug Pull”

The price of TeddyDoge (TEDDY) has collapsed by more than 99.94% over the last 24 hours, Coinbase data shows.  

According to blockchain security firm PeckShield, the project is a “soft rug pull.”

The price of the cryptocurrency was pumped and dumped by the deployer of the contract, the firm says.

Whoever was behind the rug pull managed to make away with 10,000 BNB tokens ($2,591,573) and $2 million worth of Binance USD (BUSD) stablecoins. The assets are currently being transferred to the Binance exchange.

There’s no shortage of scammers who have tried to enrich themselves by taking advantage of Dogecoin’s popularity. As reported by U.Today, DogeMother, one of the countless copies of the meme coin, ended up being a honeypot scam.