Rug Pull Incident on This Meme Coin Project: Price Crashed!

Snowdog DAO (SDOG), a “meme coin” project built on the Avalanche (AVAX) ecosystem, came up with a “rug pull” event today and lost 90% of its value. Here’s what happened…

Hackers earned $10 million using meme coin project

According to tweets shared by the community of SnowdogDAO and Avalanche-based token SDOG, the value of the project collapsed by 90% following the news of the “rug pull”. Researcher TechnoArtoria lists what happened and shares screenshots:

SnowdogDAO (SDOG) rug pull is out. Here’s how:

  1. Promised a buyback of 40 million on its own DEX Snowswap and moved all liquidity from Joe
  2. Snowswap contract requires a “challengeKey” that only insiders know in advance to trade
  3. Insiders reversed buyback and earned 10 million

As explained by anonymous developer @artoriamaster, before the promised buyback of SDOG tokens took place due to the move from TraderJoe DEX to the native platform, someone who knew the “challenge key” that was part of the SnowdogDAO contract took the buyback and started selling. According to estimates, the pirates took out $10 million. SDOG price also lost more than 90%

The team released the autopsy According to the information we have obtained, SDOG’s aggressive selling pressure prior to the “rug pull” is another striking point. Many of the investors tweeted a similar message on November 24-25 to compare SDOG to SHIB:

A giant SHIB owner “Marsbrothers” just bought 300 billion SDOG!!! It previously bought SHIB for $400 billion in April, and it’s now worth $20 million.

After the incident, Snowbank, the team behind SnowdogDAO, released an official autopsy. In this document, they describe the entire history of the protocol and its cryptocurrency as an “8-day Game Theory Experiment.” In the final stage, due to poor communication, only 7% of SDOG holders were able to liquidate their tokens at reasonable prices.

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