AnubisDAO Points at ‘Critical Mistake’ After Losing USD 60M of Investors Money

Source: Adobe/Perfect Vectors

Investors in AnubisDAO, a relatively new DeFi project which was promoted as a fork of OlympusDAO, have lost USD 60m due to one “critical mistake,” an anonymous person behind the project claims.

AnubisDAO launched on Thursday and managed to raise ETH 13,256 (USD 58m today) using Copper, Alchemistcoin’s liquidity bootstrapping protocol (LBP). However, less than a day into the sale, the funds were sent to a different address

The fact that the liquidity was removed even before the sale ended prompted investors to speculate whether they were rug-pulled—an event where the developing team disappears with the money—or that the project was hacked.

“Big scam. Devs sacked people who looked up the contract and bought in early using them as exit liquidity and dumped afterwards,” one user tweeted, assuming the worst-case scenario. 

Sisyphus, the public face of the project, has since released a detailed blog post describing the entire chain of events. He claimed that the critical mistake was agreeing to have another anonymous person, known as Beerus, who was responsible for managing social media communications for the project, deploy the bootstrapping protocol.

On Friday, between 6:30 and 7:58 AM EST, Beerus purportedly opened a malicious link from a PDF that exposes the private keys used for the LBP launch, resulting in the compromise of “AnubisDAO Liquidity Rug 1” wallet.

However, Sisyphus asserted that “security researchers provided the PDFs from phishing emails put out via Sendgrid throughout the day,” and have not found any malicious content contained in the PDFs so far.

Cryptonews.com has contacted Sisyphus for comment.

Meanwhile, Beerus claims they are cooperating with law enforcement. “Bringing my computer to the police station now – will share updates and proof as it happens. Have reported the whole situation to law enforcement and am still complying with the investigation,” Beerus said.

Brian Nguyen, one of the victims, told CNBC that he lost nearly USD 470,000 in this project. He said that the project shared many similarities with the successful meme coin projects like Dogecoin (DOGE) and Shiba Inu (SHIB), prompting him to invest in it. 
____
Learn more: 
Someone Is Using Netflix’s Squid Game to Pump Token With Multiple Red Flags
Another Altcoin Scam Teaches Inexperienced Investors & Influencers a Lesson

NFT Project ‘Evolved Apes’ Developer Disappears with USD 2.9M
Crypto Scams that Rocked Asia to the Core, Part 2: PlusToken


Source

Leave a Reply

Your email address will not be published. Required fields are marked *

Share This

Share this post with your friends!