TEDDY DOGE Rug Pull

Reported loss $4.5M
Rugpull

What happened

TeddyDoge (TEDDY) is a BNB Chain token deployed on 30 January 2022 at 0x10f6f2b9…220C21 by 0xabcd756f…cfbccc in transaction 0x47bb8850…e75464. Its constructor mints the entire 15,000,000,000 TEDDY supply to a hard-coded Admin wallet, 0xdbe8ef79…8a5552, and then emits a second 15,000,000,000 TEDDY Transfer event to the same wallet, so the deploy transaction logs show 30 billion TEDDY minted although only 15 billion was credited. A function misleadingly named addLiquidity(uint) lets that wallet add any amount to its own balance without raising totalSupply, a hidden mint that supply trackers would not show.

PeckShield called the July 2022 event a soft rug pull: the deployer moved a large quantity of TEDDY to the admin wallet and the tokens were pumped and dumped, turning more than $4.5M of TEDDY into about 10,000 BNB and 2M BUSD that, per CoinDesk, were being slowly transferred to Binance while the price fell more than 99%. According to De.Fi's listing, the admin wallet spread the tokens across hundreds of addresses that sold on PancakeSwap in small trades, with proceeds gathered in 0x902f8375…fc1347. The team said it did not know whether a cross-chain bridge bug or a leaked developer wallet was to blame and promised to rebrand as Drac Network with DRAC tokens for TEDDY holders.

How it happened

  1. In deploy transaction 0x47bb8850…e75464 the constructor sets Admin = address(0xdbE8eF79A1A7b57fbb73048192eDF6427e8A5552) and calls _mint(Admin, 150 * 1e8 * 1e18), placing the full supply in one wallet. _mint emits a Transfer event and the constructor then runs emit Transfer(address(0), Admin, 150 * 1e8 * 1e18); again, so two 15 billion TEDDY mint events appear for one 15 billion credit. No function can change Admin.
  2. addLiquidity(uint pancakeSwap) is onlyAdmin and runs _balances[Admin] += pancakeSwap;, crediting the admin any amount without touching _totalSupply, so the admin can create unlimited unbacked TEDDY to sell.
  3. deliver(address _lp) reads an address from PERMIT_TYPEHASH() on a contract the admin supplies and toggles _isExcludeds for it, an indirect way to exempt chosen addresses from the 10% trading fee.
  4. PeckShield reports that a large quantity of TEDDY reached the admin wallet and was dumped. De.Fi's listing traces it through hundreds of receiving wallets that sold on PancakeSwap, for example transfer 0x965c4364…ca8656 followed by sale 0x4534f25a…ba182f.
  5. The sales raised about 10,000 BNB and 2M BUSD, over $4.5M in total, which CoinDesk reported were being slowly transferred to Binance, and TEDDY lost more than 99% of its price within 24 hours.

Protocol details

Classification Exchange (DEX)
Protocol Type Exit Scam/Rugpull
Affected asset / contract TEDDY
Protocol links Website @TeddyDogeCoin

Evidence

Same attack technique

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