Snowdog (SDOG)
An Avalanche OlympusDAO-style 'reserve memecoin' run as an 8-day experiment (Nov 2021). When its promised treasury-funded 'buyback' opened on a private AMM, SDOG crashed 90%+ in seconds; only ~7% of supply could sell at a profit and insiders reportedly back-ran it for ~$10M. The team called it a 'game-theory experiment'.
Also known as: Snowdog, SDOG, Snowbank
Summary
Snowdog (SDOG) was an Avalanche OlympusDAO-style "reserve memecoin" run as an eight-day experiment in November 2021 by the Snowbank team. It promised that, on day eight, the treasury (reported around $40M+) would fund a "massive buyback" at a higher price. [1][3]
The collapse
When the buyback opened, liquidity was moved from the Trader Joe DEX to a private AMM whose trades required a secret "challenge key." SDOG's price crashed more than 90% within seconds; analysts noted only about 7% of supply could be sold at a profit, and reported that insiders who knew the key back-ran the buyback for around $10 million. [1][2][3]
Team response
The team published a post-mortem calling the episode a "game-theory experiment" gone wrong due to poor communication and bot-prevention measures, denying a deliberate rug pull — an explanation many holders rejected. [2][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (3)
- OlympusDAO Fork Snowdog Hit By 90% Crash — Crypto Briefing
- SnowdogDAO Allegedly Falls Victim to Largest Rug-Pull in Avalanche History — U.Today
- The SnowdogDAO Case Report — Lossless
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.