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anchored·5hnFyo…zuvRSummary
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.
Connected Entities
1 entitiesTimeline(10 events)
14 November 2021
SnowdogDAO announced on Twitter by the anonymous Snowbank DAO team; 8-day protocol lifespan and buyback plan disclosed.
17 November 2021
Minting window opens; users begin depositing collateral to accumulate SDOG tokens.
22 November 2021
Minting window closes. Treasury at this point held approximately $44.36 million in MIM.
24 November 2021
Three exploit wallet addresses created approximately one day before the buyback event; wallets funded within hours of each other.
25 November 2021
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.
26 November 2021
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.'
27 November 2021
Snowbank DAO renounces ownership of Snowdog and promises to transfer all assets including social media accounts, Discord, and LP tokens to the community.
3 December 2021
Community-formed Snowdog DAO publishes its first governance proposal via Snapshot, seeking community vote on asset recovery path.
3 December 2021
Lossless DeFi publishes detailed technical case report on the SnowdogDAO exploit as a cautionary study.
2022
No substantive recovery or restitution materializes. Token remains active on Avalanche at sharply diminished value with no active development.
Decision Log
- hash: n6zMxej4zPmbyG9TcZKx8RApTnuu2KMj7sHrvasKZci
This investigation is cryptographically anchored to the Solana blockchain (1 event). 7 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:53 AM
last updated: 9/1/2026, 3:17:58 PM
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