Coyote Coin: 13 Minutes of Bliss

CryptoCravers LLC
2 min readApr 26, 2022

Coyote Coin: 13 Minutes of Bliss

Rugpulls happen all the time in the crypto space, and sadly one happened today. Approximately 13 minutes after launch, Coyote Coin ($HOWL) was rugpulled by a freelance developer that worked for the team. During initial investigation, it was discovered that the individual is a 23 year old programmer from Canada who goes by the alias “Bullish”. The developer had no previous connections to the Coyote Coin team.

Bullish was recommended to the team by an advisor/friend who runs a different project. After the rugpull occurred, the advisor stated that the action was “very out of character” for the dev, and that Bullish “did flawless work with creating API’s for verified circulation supplies that were used on 8 other projects”.

The following lines of code were inserted into the contract by Bullish:

function mint(address recipient, uint256 amount) external onlyMinter {
uint256 currentRate = _getRate();
_tTotal += amount;
_rTotal += amount * currentRate;
if (_isExcluded[recipient]) _tOwned[recipient] += amount;
_rOwned[recipient] += amount * currentRate;
emit Transfer(address(0), recipient, amount);
}

function addMinter(address account) public onlyOwner {
_addMinter(account);
}

function removeMinter(address account) public onlyOwner {
_removeMinter(account);
}

This was a minting function that allowed for token creation after launch. 2.5 quadrillion tokens were originally minted to the supply when the contract was created. Allegedly, Bullish then minted 2.4 quadrillion additional tokens and subsequently sold them all–effectively draining the liquidity pool.

The contract itself was audited by CertiK who gave it a 90% rating. They mentioned the token minting as a potential vulnerability, but did not place much emphasis on it. The rest of the development team was also scammed and is currently trying to bring justice for their investors. As of 9pm eastern time, the wallet mentioned above is still minting tokens and stealing the remaining liquidity.

All individuals of the Coyote token community that were scammed are encouraged to contact their local authorities and provide the following:
Wallet address that ciphoned the funds:

-0xE002Ad016F7178DDEC3A96AD63324288F3aFA3a4
-Amount of funds lost
-That the suspect was likely KYCd in Canada with Gate.io

Anyone with additional information is encouraged to comment below.

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