SnowdogDAO ($SDOG) on Avalanche launched November 14, 2021, raising $45M in 8 days. On November 25, the team moved liquidity to a private Snowbank-controlled AMM pool requiring a secret challenge key. Only 7% of holders could liquidate, while three addresses drained $10M, $7.7M, and $3.3M, blocking $18.1M in total liquidity.