Cryptocurrency project TeddyDoge based on the DRAC_Network network committed fraud, stealing millions of dollars in user assets.
The developers of the dogecoin meme altcoin clone, teddydoge (TEDDY), cheated investors out of $4.5 million, robbing the project of all liquidity. Representatives of the PeckShield analytics project announced this on their Twitter.
In the context of the news, the token’s quotes on the TEDDY/USD pair dropped 99% to $0.00000016. According to PeckShield, the attackers first withdrew the liquidity in the form of TEDDY to PancakeSwap, converted it to BNB and BUSD, and then withdrew the stolen 10,000 BNB and 2 million BUSD to Binance.
At the time of writing, almost all cryptocurrency has been laundered through the wallet of PeckShield’s designated attackers. Binance has not commented on reports of cryptocurrency laundering, however, the attackers’ wallet on the exchange appears to have been verified as unknown people have been transacting tens of thousands of US dollars for ten hours.
At the same time, it is unclear whether Binance was able to act, as PeckShield’s tweet is dated July 25 at 6:30 am (UTC), and at that point the attackers only had 105 BNB to launder. According to analysts, the creators of TEDDY may also be behind the altcoin half pizza (PIZA).
Earlier, the editors wrote that an unknown person managed to hack the Audius project smart contract and create a withdrawal request for $6 million worth of AUDI tokens. The hacker managed to steal millions of AUDI tokens, but only $1.1 million was sold out of the total amount due to the trading pair slippage.