Snowdog rugpull; in retrospect it was inevitable
Hi HODLers,
Another week in the crypto world and another batch of rugpulls, scams and ponzi coins !
The latest one on that list is SnowDogDao. It happened when the team decided to implement a $40mn buyback. To do so, they needed to move the liquidity from the Trader Joe LPs to their own DEX.
As explained by anonymous developer @artoriamaster, before the promised buyback of SDOG tokens happened due to the migration from TraderJoe DEX to the native platform, someone who knew the "challenge key"—a part of the SnowdogDAO contract—backran the buyback and started selling tokens.
The challenge key could have only be known by someone on the project's team as the contract was not validated yet, it was supposed to be once the team finished the repurchase.
Below is the tweet mentioned:
In any case, invest in project where you see good communication with the team. There is also an easy way to sometimes spot scams. Do not fall for copy pasting projects with obvious marketing names such as Squid DAO or this Snowdog who wanting to compete with Shiba Inu...
Another redflag was the massive promotion from Crypto and non-crypto influencers...
Just my 2 cents, not financial advice.
Some are even posting new videos explaining that they saw it all or that it is a gift...
I also wants to thank some of the ones below who called it before it happened. You are the ones that we need, with a brain and understanding what is going on.
Snowdog $SDOG Price Chart
$SDOG is now sitting at $75 compared to $1.5k+ a week ago.
Snowdog postmortem tweet and blog
https://twitter.com/SnowbankDAO/status/1464149420245766149
Stay safe out there, this is the WildWest!
Sources:
- Snowdog website
- SHIB Competitor SnowdogDAO Allegedly Falls Victim to Largest Rug-Pull in Avalanche History
- SnowdogDAO Is Supposedly the Victim of a Rug Pull
Latest Analysis
HIVEsGiving, reflecting on where we came from, where we are and where we are going!
Everything you need to know about Fantom and its increasing momentum
Odell Beckham Jr is the latest NFL player to get FULLY paid in BTC !
Posted Using LeoFinance Beta
It was obscure that many people will be their victim and obviously they did their best to attract as many "victims" as possible. Sad thing is that people with limited knowledge had lost their savings... The crypto market and its harsh conditions 😪
Indeed... Never trust these influencers that you meet on instagram or Tiktok :D
Posted Using LeoFinance Beta
Never heard of it and by the name it does not sound like a serious project
It surely isn't ! Good thing that you never heard about it. Keep not following these social influencers :D
Posted Using LeoFinance Beta
Whew!!! 😥 That was a hard fall
Annnnnnnnnnnnnnnd.... it's gone.
Posted Using LeoFinance Beta
The problem is how did the challenge key get out. I have a feeling that it was an inside job and it's very hard to trust some of those more sketchy tokens.
Posted Using LeoFinance Beta
Oh that is 100% what every outside develop and investor is saying. THEY rugpulled. No hacking involved.
Posted Using LeoFinance Beta
The worst part of all of this is the unseen damage to those that get lured in and robbed. A lot of folks will have lost more than they could reasonably afford to lose, all in the attempt to be on the train to the "next big thing".
Posted Using LeoFinance Beta