TL; DR Breakdown
- OlympusDAO’s fork AnubisDAO scams its investors over 13,000 ETH, which is approximately $60 million.
- The incident has caused an uproar across the crypto community, considering what investors do to acquire money for crypto investment.
During a recent fair launch on Copper, AnubisDAO rug pulled its participants, taking over 13,200 ETH. As per the coin’s current value, this totals to about $60 million.
The Reddit community expressed its disappointment in such protocols, some users noting the strain investors go through to acquire finances to inject into crypto projects.
The dog-based coin is an OlympusDAO fork, taking its inspiration from Shiba Inu. Its fair launch ended on October 29, raising 13,260 in Wrapped Ethereum.
Copper is Alchemistcoin liquidity bootstrapping protocol, facilitating crowdfunding for crypto projects. AnubisDAO transferred the funds to a different address from the liquidity bootstrapping protocol, leaving investors stranded.
Over the past few months, dog tokens have become a growing trend, bringing names like Shiba Inu and Floki Inu to the light. However, this trend is also a place for bad actors to exploit the efforts of investors. Currently, the attraction towards meme coins and dog coins is on the rise, a significant contributor to why people invested in AnubisDAO.
DeFi advocate helping the AnubisDAO case
0xSisyphus, an influential crypto figure on Twitter, is one of the reasons some enthusiasts invested in ANKH. According to a statement by a victim, he saw a tweet on the dog coin. He decided to put his money into it.
Furthermore, the investor Brian Nguyen mentioned his mistake in failing to research first before investing. However, the pain he feels from the incident is palpable.
The pseudonymous DeFi enthusiast is dedicating his resources to helping authorities follow up on the stolen funds. More jurisdictions are working to catch the perpetrators, including the US and Hong Kong financial watchdogs.
His Twitter post details his contribution to the ongoing process, hoping that more information on the case will be available to the public soon.
Founding member might be involved
Beerus is a pseudonym of one of the founders on the OlympusDAO fork and was responsible for dealing with the LBP. In its way, this factor was one of the main reasons the funds transfer happened. According to Beerus’ statement, he clicked a malicious link during the process, which led to a breach in the private keys of the AnubisDAO pool.
It is still unclear whether the protocol is responsible for the rug pull or a cybersecurity issue. The PDFs containing the said malicious link were rolled out the same day the apparent incident went down. However, the security checks clear the PDFs of any links that could have enabled access to the LBP.
Another suspicious factor is that the security breach did not affect Beerus’ wallet. The continuing investigation will provide more information on the stem of the issue.