Base Dawgz Fake Token Rug Pull
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Base Dawgz is a memecoin "designed for those who crave adventure and innovation". On July 23rd, it was discovered by an organization called Paidun Monitoring that an Ethereum smart contract bearing the same name had managed to gain $113k in liquidity, which was successfully rug pulled. There is no indication that any affected users will recover any funds, and no information appears to be available on the original smart contract itself.[1][2][3][4][5][6][7]
About Base Dawgz
"Designed for those who crave adventure and innovation, Base Dawgz is bringing you a unique multi-chain experience. At home on Base Chain, $Dawgz will also trade on ETH, SOL, BSC and AVAX. We are not just about pushing boundaries; it's about breaking them. We offer seamless interoperability across multiple blockchains, ensuring you can soar through the decentralized world without limits. Join us on this high-octane journey as we redefine what's possible. Come chase nirvana with Base Dawgz."
The Reality
"The Rug Pull token has the same name as the legal token."
What Happened
"According to Paidun monitoring, the address marked as basedawgz-deployer.eth exchanged 3 billion Base Dawgz (DAWGZ) for about 32.85 ETH (about $113,000) on the Ethereum chain, and DAWGZ has fallen by 100%."
| Date | Event | Description |
|---|---|---|
| July 23rd, 2024 12:15:43 AM MDT | CoinLive News Flash | CoinLive publishes a news flash on the incident. |
| July 23rd, 2024 12:28:00 AM MDT | News Report Retweeted | A tweet mentions the Base Dawgz token dropping 100% after a rug pull, without mentioning that it's a fake token. |
Technical Details
This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?
Total Amount Lost
"32.85 ETH (about $113,000)"
The total amount lost has been estimated at $113,000 USD.
Immediate Reactions
"The Fake Base Dawgz on Ethereum is suspected of a rug pull, resulting in a loss of over $113,000."
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ https://readwrite.com/base-dawgz-presale-concludes-last-opportunity-to-purchase-at-listing-price-before-dex-launch/ (Accessed Aug 30, 2024)
- ↑ https://99bitcoins.com/news/pr-news/base-networks-base-dawgz-presale-ends-get-in-at-listing-price-before-dex-launch/ (Accessed Aug 30, 2024)
- ↑ @basedawgz Twitter (Accessed Aug 30, 2024)
- ↑ Base Dawgz Begins Final Presale Stage Ahead of Highly Anticipated DEX Listings (Accessed Aug 30, 2024)
- ↑ Paidun: Rug Pull occurred due to fake DAWGZ tokens, resulting in a loss of 32.85 ETH (Accessed Aug 30, 2024)
- ↑ @cryptoceannews Twitter (Accessed Aug 30, 2024)
- ↑ Paidun: Fake DAWGZ tokens cause Rug Pull, resulting in a loss of 32.85 ETH (Accessed Aug 30, 2024)