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DOGE clone stole $4.5 million of investors' money

DOGE clone stole $4.5 million of investors' money

Cryptocurrency project TeddyDoge, based on DRAC_Network, committed fraud, stealing millions of dollars in user assets.

PeckShield reports that the developers of the dogecoin meme altcoin clone, TeddyDoge (TEDDY), defrauded investors of $4.5 million by stealing all of the project's liquidity. 

Following the news, token quotations in the TEDDY/USD pair collapsed by 99% to $0.00000016. First, attackers transferred liquidity in the form of TEDDY to PancakeSwap, converted it to BNB and BUSD there, and then withdrew stolen 10,000 BNB and 2 million BUSD to Binance.

At the time of writing, almost all of the cryptocurrency has been laundered through the exchange from the specified PeckShield wallet.

Binance did not comment on the reports of laundering cryptocurrency, but it seems that the fraudsters' wallet on the exchange is verified since the strangers have been conducting transactions worth tens of thousands of U.S. dollars for a dozen hours.

It is not clear whether Binance has taken action in time because the PeckShield tweet is dated July 25, and by this time, the attackers had left to launder only 105 BNB. According to analysts, the creators of TEDDY could also be behind the altcoin half pizza (PIZA).

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