{"id":475004,"date":"2021-10-31T18:00:38","date_gmt":"2021-10-31T18:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=475004"},"modified":"2021-10-31T13:07:33","modified_gmt":"2021-10-31T13:07:33","slug":"dog-themed-defi-project-mysteriously-loses-fundraised-60-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/dog-themed-defi-project-mysteriously-loses-fundraised-60-million\/","title":{"rendered":"Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million"},"content":{"rendered":"
A DeFi project that launched on Thursday had raised $60 million overnight during its token sale. However, the funds seem to have disappeared, and no one is sure exactly how.<\/p>\n
On Friday, investors woke up to the shocking news that their funds had disappeared. Around 13,556.36 ETH, which was worth $60 million at the time, was drained from AnubisDAO\u2019s liquidity pool.<\/p>\n
Related Reading |\u00a0DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch<\/a><\/em><\/strong><\/p>\n The project, AnubisDAO, was promoted as a fork of OlympusDAO \u2014 a cryptocurrency backed by the assets in its treasury. It was based on Anubis, an Egyptian god of death with a dog’s head. This theme is also similar to other dog-themed meme coins.<\/p>\n Although Anubis identified itself as a decentralized autonomous organization (DAO), the details of the project were unclear. And even though it did not have an official website, investors still pumped in $60 million worth of ETH into it.<\/p>\n The token sale started on Thursday, with investors putting ETH into the project and receiving Anubis tokens (ANKH) in return.<\/p>\n However, the token sale, which was supposed to last for 24 hours, lasted only 20. The reason was the removal of the liquidity pool by an unknown entity. And the $60 million in ETH that had been raised in the token sale was then sent to a different address. Investors are still in shock about how quickly the whole thing happened. Brian Nguyen, who invested in the project and lost nearly $470,000, spoke to\u00a0CNBC<\/a>\u00a0about the unfortunate event.<\/p>\n Related Reading |\u00a0Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record<\/a><\/em><\/strong><\/p>\n He admitted that he did not investigate the project thoroughly before investing. \u201cWe, in crypto, tend to have a \u2018buy first, do research later,\u2019 mentality,\u201d he says.<\/p>\n He mentioned that he was interested in AnubisDAO because it was similar to other dog-inspired cryptocurrencies like dogecoin and Shiba Inu, which have surged in popularity lately. The fact that the sale was on popular auction platform\u00a0Copper Launch<\/a>\u00a0also encouraged him to invest.<\/p>\n Also, a crypto influencer who he respected – 0xSisyphus on Twitter – supported the project. \u201cSo, I had some conviction on the buy.\u201d<\/p>\n Shortly after investors started talking about losing their money, people speculated that Copper Launch was probably compromised. In response, Copper Launch said it was not, \u201cbut the Anubis team seems to have compromised their admin keys,\u201d The Auction platform also released a\u00a0statement<\/a> yesterday regarding the incident.<\/p>\n There have been many guesses on what really happened. Some suspect it to be a \u201crug pull.\u201d A rug pull is a common type of crypto scam where a project is created with the specific intention of stealing investor funds. <\/p>\n A Twitter user\u00a0claimed<\/a> that they may have fallen victim to a phishing attack. They shared a screenshot of an email from someone pretending to be crypto investor 0xSisyphus.\u00a00xSisyphus, however, since denied it, and\u00a0tweeted<\/a> on Friday that the 0xSisyphus \u201caccount\u2019s namesake is clearly compromised,\u201d They also offered a bounty of 1,000 ETH in return for the lost funds or to anyone who could identify the owner of the receiving wallet.<\/p>\n A Twitter user traced the wallet address to another user named Beerus. Moments later, the Beerus account was deleted.<\/p>\n https:\/\/twitter.com\/loldefi\/status\/76727810?s=21<\/a><\/p>\nThe Project Suffers Mysterious Attack<\/h2>\n
\nSubsequently, the value of the ANKH token dropped to almost zero.<\/p>\nInvestigations Begin<\/h2>\n
\nOthers think it could be a phishing attack, where hackers target victims to steal crypto credentials.<\/p>\nDeFi market cap at $152.789B | Source: Crypto Total DeFi Market Cap on TradingView.com<\/a><\/pre>\n