This Altcoin Team Was Caught Selling Coins!

Dogechain developer wallet was caught draining 1 million tokens per minute. So far, the altcoin project’s Twitter account has not addressed token dump concerns just one day after the DC airdrop distribution.

Altcoin team caught dumping tokens!

Is a new fraud story being written in the cryptocurrency market? As you follow on Kriptokoin.com, the stories of scamming popular projects are not new in the cryptocurrency market. Self-described “on chain detective” ZachXBT tweeted that a wallet linked to a Dogechain developer has begun draining DC tokens.

A nice wallet that takes 20,000,000,000 DC to connect directly to the distributor for free and has already started dumping tokens for people.

Dogechain launched DC tokens via airdrop to eligible wallets on August 24. The qualifying criterion was any Dogechain wallet that interacted with the protocol before August 23. This would require the addition of Dogecoin (DOGE) liquidity to the Dogechain protocol.

Reddit user u/evelynvee reports that the Dogechain developer wallet mentioned by ZachXBT has emptied 20 billion tokens from the airdrop at a peak of 1 million tokens per minute. According to U/evelynvee, DC token holders are generally unable to drop their tokens as there is an 8 million DC token fee to bridge the Ethereum Blockchain, plus a minimum of 9 million DC tokens ($16,000). The official Dogechain Twitter did not respond to comments and requests about what happened.

Dogecoin Foundation warns users not to risk their DOGE

Dogechain is promoting itself as a layer 2 scaling solution to bring DeFi, NFTs and gaming to the popular meme coin Dogecoin. In this context, the Dogechain team says they have adopted and borrowed from the Dogecoin philosophy. The Altcoin team argues that the project is community-based and promotes the idea of ​​equality and fairness. In this context, they make the following statement:

Dogechain stands for justice and equal opportunity for all. Our goal is to create a blockchain that is truly people-owned.

However, Dogecoin Foundation board member Jens Wiechers explained that Dogechain is not a related product. He also warned that “paid media,” including social media coins, spread false information on the contrary. Similarly, Cb_doge says Dogechain is “another trap token”. For this reason, DOGE warns its holders not to risk their tokens:

Dogechain is in no way affiliated with Dogecoin. This is another trap altcoin project. Avoid influencers collaborating with them. Don’t risk your precious DOGE.