Verify a decision

{"actor":"system:backfill","investigation_id":"6b77576d-66e3-43fa-a59d-d1ceac175c32","kind":"publish","page_slug":"snowdog","published_at":"2026-05-21T03:21:07.090Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Snowdog","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptobriefing.com/olympus-dao-fork-snowdog-hit-by-90-crash/","type":"other","url":""},{"credibility":3,"name":"https://wiki.defillama.com/wiki/Snowdog_DAO","type":"other","url":""},{"credibility":3,"name":"https://snowtrace.io/token/0xdE9E52F1838951e4d2bb6C59723B003c353979b6","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptoslate.com/avalanches-first-memecoin-sdog-ends-in-a-30m-rugpull/","type":"other","url":""},{"credibility":3,"name":"https://losslessdefi.medium.com/the-snowdogdao-case-report-how-to-avoid-future-scenarios-604446f41fbf","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/snowdogdaoliquidityblocked.php","type":"other","url":""},{"credibility":3,"name":"https://insuredfinance.medium.com/snowdogdao-users-allege-rugpull-4fbfaabcca91","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptoslate.com/avalanches-first-memecoin-sdog-ends-in-a-30m-rugpull/","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/snowdogdaoliquidityblocked.php","type":"other","url":""},{"credibility":3,"name":"https://www.benzinga.com/markets/cryptocurrency/21/11/24323511/avalanche-based-dogecoin-knockoff-coin-ends-in-a-massive-rug-pull","type":"other","url":""},{"credibility":3,"name":"https://snowtrace.io/token/0xdE9E52F1838951e4d2bb6C59723B003c353979b6","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptobriefing.com/olympus-dao-fork-snowdog-hit-by-90-crash/","type":"other","url":""},{"credibility":3,"name":"https://snowdogdao.medium.com/on-the-path-to-recovery-snowdog-daos-first-proposal-8c8e70d34fc1","type":"other","url":""},{"credibility":3,"name":"https://u.today/shib-competitor-snowdogdao-allegedly-falls-victim-to-largest-rug-pull-in-avalanche-history","type":"other","url":""},{"credibility":3,"name":"https://coincodecap.com/snowdogdao-is-supposedly-the-victim-of-a-rug-pull","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://losslessdefi.medium.com/the-snowdogdao-case-report-how-to-avoid-future-scenarios-604446f41fbf","type":"other","url":""},{"credibility":3,"name":"https://cryptoslate.com/avalanches-first-memecoin-sdog-ends-in-a-30m-rugpull/","type":"other","url":""},{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/snowdogdaoliquidityblocked.php","type":"other","url":""},{"credibility":3,"name":"https://cryptonews.net/news/security/2803019/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.quadrigainitiative.com/casestudy/snowdogdaoliquidityblocked.php","type":"other","url":""},{"credibility":3,"name":"https://losslessdefi.medium.com/the-snowdogdao-case-report-how-to-avoid-future-scenarios-604446f41fbf","type":"other","url":""},{"credibility":3,"name":"https://snowtrace.io/token/0xdE9E52F1838951e4d2bb6C59723B003c353979b6","type":"other","url":""},{"credibility":3,"name":"https://www.geckoterminal.com/avax/pools/0xa3f1f5076499ec37d5bb095551f85ab5a344bb58","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coingecko.com/en/coins/snowdog","type":"other","url":""},{"credibility":3,"name":"https://wiki.defillama.com/wiki/Snowdog_DAO","type":"other","url":""},{"credibility":3,"name":"https://snowtrace.io/token/0xdE9E52F1838951e4d2bb6C59723B003c353979b6","type":"other","url":""},{"credibility":3,"name":"https://losslessdefi.medium.com/the-snowdogdao-case-report-how-to-avoid-future-scenarios-604446f41fbf","type":"other","url":""}]}],"sources_used":[],"summary":"Snowdog (SDOG) was an Avalanche-based OlympusDAO fork launched in November 2021 as a self-described '8-day decentralized reserve meme coin experiment' by the anonymous team behind Snowbank DAO. The project accumulated a $44 million MIM treasury before a planned token buyback on November 25, 2021, collapsed the token price by over 90% within seconds, with alleged insiders exploiting a hidden 'challengeKey' mechanism to extract approximately $20 million in profits while ordinary holders were locked out. The team declined to acknowledge deliberate wrongdoing, characterizing the event as a 'game-theory experiment gone wrong,' and subsequently renounced ownership, leaving investors with near-total losses.","timeline":[{"date":"2021-11-14","event":"SnowdogDAO announced on Twitter by the anonymous Snowbank DAO team; 8-day protocol lifespan and buyback plan disclosed.","source":""},{"date":"2021-11-17","event":"Minting window opens; users begin depositing collateral to accumulate SDOG tokens.","source":""},{"date":"2021-11-22","event":"Minting window closes. Treasury at this point held approximately $44.36 million in MIM.","source":""},{"date":"2021-11-24","event":"Three exploit wallet addresses created approximately one day before the buyback event; wallets funded within hours of each other.","source":""},{"date":"2021-11-25","event":"Day 8 buyback event executed at approximately 9:00 PM UTC. All liquidity migrated from Trader Joe to the proprietary Snowswap AMM. SDOG price spikes briefly then collapses over 90% within approximately 30 seconds. Three alleged insider wallets collectively extract approximately $20 million in MIM using the undisclosed challengeKey mechanism.","source":""},{"date":"2021-11-26","event":"CryptoSlate, Benzinga, U.Today, CryptoBriefing, and multiple other outlets report on the collapse. Community begins alleging rug pull. Snowbank team releases initial statement characterizing the event as a 'game-theory experiment gone wrong.'","source":""},{"date":"2021-11-27","event":"Snowbank DAO renounces ownership of Snowdog and promises to transfer all assets including social media accounts, Discord, and LP tokens to the community.","source":""},{"date":"2021-12-03","event":"Community-formed Snowdog DAO publishes its first governance proposal via Snapshot, seeking community vote on asset recovery path.","source":""},{"date":"2021-12-03","event":"Lossless DeFi publishes detailed technical case report on the SnowdogDAO exploit as a cautionary study.","source":""},{"date":"2022-01-01","event":"No substantive recovery or restitution materializes. Token remains active on Avalanche at sharply diminished value with no active development.","source":""}]},"v":1}