Cryptocurrency fraud, which reached 14 billion dollars in 2021, continues at full speed in 2022.
In this context, it would not be wrong to say that most of the cryptocurrencies, whose number is over 20,000, are launched with fraudulent activities.
The last of these happened in Teddy Doge (TEDDY), one of the “dog-themed” cryptocurrencies, known as a copy of Dogecoin.
Rug pull, known as fraudulent cryptocurrency activities, ending their trading operations after increasing the value of their own projects and escaping with the money they obtained, was last seen at TEDDY.
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is soft rugpull. $Teddy has dropped -99.4%. The assets currently sit in https://t.co/3zu55iZAWX (accumulatively receive ~10k $BNB & 2m $BUSD) and are slowly transferred to @Binance pic.twitter.com/I48dWkLIOE
— PeckShieldAlert (@PeckShieldAlert) July 25, 2022
TEDDY, which lost 99 percent of its value after the Rug Pull, caused millions of dollars of damage. According to the information provided by PackShield, the project was first pumped up by the developers, and then the project collapsed by selling.
It was determined that the fraudsters, who converted their TEDDY coins into BNB and BUSD, transferred these cryptocurrencies, which correspond to millions of dollars, to the Binance exchange. Although Binance has not yet made a statement on the subject, it is extremely likely that these assets will be frozen.