{"id":257700,"date":"2022-08-25T18:34:37","date_gmt":"2022-08-25T17:34:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=257700"},"modified":"2022-08-26T14:17:37","modified_gmt":"2022-08-26T13:17:37","slug":"dogechain-developer-wallet-caught-dumping-1-million-tokens-a-minute","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/dogechain-developer-wallet-caught-dumping-1-million-tokens-a-minute\/","title":{"rendered":"Dogechain developer wallet caught dumping 1 million tokens a minute"},"content":{"rendered":"<p>Self-described &#8220;on-chain sleuth&#8221; <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1562683131135528960\">@ZachXBT<\/a> tweeted that a wallet linked to a <a href=\"https:\/\/cryptoslate.com\/coins\/dogechain\/\">Dogechain<\/a> developer had started dumping DC tokens.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>0x7249a89195A7A532af12345E2dE0C20c8A06A0d9<a href=\"https:\/\/t.co\/rsnYUsVzrD\">https:\/\/t.co\/rsnYUsVzrD<\/a> <a href=\"https:\/\/t.co\/66Ulblwfcl\">https:\/\/t.co\/66Ulblwfcl<\/a> <a href=\"https:\/\/t.co\/lsSqa4Mj9w\">pic.twitter.com\/lsSqa4Mj9w<\/a><\/p>\n<p>&mdash; ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1562683131135528960?ref_src=twsrc%5Etfw\">August 25, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dogechain launched their DC token on <a href=\"https:\/\/tokeninsight.com\/en\/news\/dogechain-to-launch-dc-on-august-24th-pdt-and-airdrop-to-early-users-and-loyal-users\">Aug. 24<\/a> via airdrop to qualifying wallets. The <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/wx8g49\/dogechain_launched_dc_token_developer_got_20b\/\">qualifying criterion<\/a> was any Dogechain wallet that had interacted with the protocol before Aug. 23. This would necessitate adding Dogecoin(DOGE) liquidity into the Dogechain protocol.<\/p>\n<p>Reddit user <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/wx8g49\/dogechain_launched_dc_token_developer_got_20b\/\">u\/evelynvee<\/a> posted that the Dogechain dev wallet mentioned by @ZachXBT was dumping the 20 billion tokens received from the airdrop at a peak of\u00a0 1 million tokens a minute.<\/p>\n<p>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).<\/p>\n<p>The official <a href=\"https:\/\/twitter.com\/DogechainFamily\">Dogechain Twitter<\/a> has not responded to comments and requests about what is happening.<\/p>\n<h2>Dogecoin Foundation warned users not to risk their DOGE<\/h2>\n<p>Dogechain pitched itself as a layer 2 scaling solution to bring DeFi, NFTs, and gaming to Dogecoin.<\/p>\n<p>Borrowing from the Dogecoin philosophy, the Dogechain team said the project is community-based and champions the idea of equality and fairness.<\/p>\n<blockquote><p><span class=\"article-2\">&#8220;Dogechain stands for fairness and equal opportunity for all. Our goal is to create a blockchain that is truly owned by the people.<\/span>&#8220;<\/p><\/blockquote>\n<p>Nonetheless, Dogecoin Foundation board member <a href=\"https:\/\/cryptoslate.com\/the-dogecoin-team-warns-dogechain-is-another-knockoff-token\/\">Jens Wiechers<\/a> warned that Dogechain is not a related product and that &#8220;paid media,&#8221; including social media shills, are disseminating false information to the contrary.<\/p>\n<p>Similarly, Dogecoin dev <a href=\"https:\/\/twitter.com\/cb_doge\/status\/1552309702297780224\">@cb_doge<\/a> said Dogechain is &#8220;another knock-off token,&#8221; while cautioning DOGE holders not to risk their tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Self-described &#8220;on-chain sleuth&#8221; @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 &mdash; ZachXBT (@zachxbt) August 25, 2022 Dogechain launched their DC token [&hellip;]<\/p>\n","protected":false},"author":460,"featured_media":257723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,9836],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogechain developer wallet caught dumping 1 million tokens a minute<\/title>\n<meta name=\"description\" content=\"So far, the Dogechain Twitter has not addressed concerns of token dumping just one day after DC airdrop distribution.\" 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