Dogechain developer wallet caught dumping 1 million tokens a minute

Must read

CryptoSlate Wrapped Daily: Bitcoin worth $1.5B leaves Coinbase; Mid-cap tokens outperform Bitcoin

CryptoSlate Wrapped Daily: Bitcoin worth $1.5B leaves Coinbase; Mid-cap tokens outperform Bitcoin Christian Nwobodo · 3 hours ago · 3...

Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’

Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’ Oluwapelumi Adejumo · 5 hours ago...

Glassnode and CryptoSlate Deep Dive: How a cold winter is impacting Bitcoin miners and why the fear has just begun – Issue 01

Glassnode Special OfferExplore all the live charts covered in this report in Glassnode Studio. ⚡Special offer⚡For a limited time, you can save 40% on a...

Huobi Token continues run of strong form, up 64% since bottoming

Huobi Token continues run of strong form, up 64% since bottoming Samuel Wan · 4 hours ago · 2 min...

Dogechain developer wallet caught dumping 1 million tokens a minute Dogechain developer wallet caught dumping 1 million tokens a minute Samuel Wan · 3 seconds ago · 1 min read

So far, the Dogechain Twitter has not addressed concerns of token dumping just one day after DC airdrop distribution.

1 min read

Updated: August 25, 2022 at 6:34 pm

Dogechain developer wallet caught dumping 1 million tokens a minute

Cover art/illustration via CryptoSlate

Self-described “on-chain sleuth” @ZachXBT tweeted that a wallet linked to a Dogechain developer had started dumping DC tokens.

Nice a wallet that received 20,000,000,000 DC for free ties directly back to the deployer and has already started dumping tokens on people.

0x7249a89195A7A532af12345E2dE0C20c8A06A0d9https://t.co/rsnYUsVzrD https://t.co/66Ulblwfcl pic.twitter.com/lsSqa4Mj9w

— ZachXBT (@zachxbt) August 25, 2022

Dogechain launched their DC token on Aug. 24 via airdrop to qualifying wallets. The qualifying criterion was any Dogechain wallet that had interacted with the protocol before Aug. 23. This would necessitate adding Dogecoin(DOGE) liquidity into the Dogechain protocol.

Reddit user u/evelynvee posted that the Dogechain dev wallet mentioned by @ZachXBT was dumping the 20 billion tokens received from the airdrop at a peak of  1 million tokens a minute.

According to u/evelynvee, DC token holders generally cannot dump their tokens as there is an 8 million DC token fee to bridge to the Ethereum chain, plus a minimum transfer of 9 million DC tokens ($16,000).

The official Dogechain Twitter has not responded to comments and requests about what is happening.

Dogecoin Foundation warned users not to risk their DOGE

Dogechain pitched itself as a layer 2 scaling solution to bring DeFi, NFTs, and gaming to Dogecoin.

Borrowing from the Dogecoin philosophy, the Dogechain team said the project is community-based and champions the idea of equality and fairness.

“Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.

Nonetheless, Dogecoin Foundation board member Jens Wiechers warned that Dogechain is not a related product and that “paid media,” including social media shills, are disseminating false information to the contrary.

Similarly, Dogecoin dev @cb_doge said Dogechain is “another knock-off token,” while cautioning DOGE holders not to risk their tokens.

More articles

Latest article

CryptoSlate Wrapped Daily: Bitcoin worth $1.5B leaves Coinbase; Mid-cap tokens outperform Bitcoin

CryptoSlate Wrapped Daily: Bitcoin worth $1.5B leaves Coinbase; Mid-cap tokens outperform Bitcoin Christian Nwobodo · 3 hours ago · 3...

Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’

Bahamas Securities Commission calls FTX CEO John Ray’s allegations inaccurate; says its actions were ‘misinterpreted’ Oluwapelumi Adejumo · 5 hours ago...

Glassnode and CryptoSlate Deep Dive: How a cold winter is impacting Bitcoin miners and why the fear has just begun – Issue 01

Glassnode Special OfferExplore all the live charts covered in this report in Glassnode Studio. ⚡Special offer⚡For a limited time, you can save 40% on a...

Huobi Token continues run of strong form, up 64% since bottoming

Huobi Token continues run of strong form, up 64% since bottoming Samuel Wan · 4 hours ago · 2 min...