During its token sale, a recently launched crypto project that was heavily hyped as a fork of OlympusDAO raised $60 million. The cash, however, appears to have vanished overnight after an apparent phishing attack targeted the initiative. AnubisDAO’s liquidity pool was drained of roughly 13,556.36 ETH, valued at $60 million at the time, according to community members who believe it may be a rug pull.
Details Of The Project
AnubisDAO was described as a fork of OlympusDAO and raised $60 million in less than 24 hours. The project was unveiled on October 28th, when the Discord server and Twitter account were established.
The concept behind Anubis, an Egyptian God of death with a canine head, was utilized to brand the project as compared to other dog-themed meme coins. Despite the fact that there was no website, investors poured $60 million worth of Ethereum into it.
Vanishing Into Thin Air
The token sale was supposed to run for 24 hours, during which investors could put ETH into the project and receive Anubis tokens (ANKH) in return. However, after 20 hours, an unknown individual removed the liquidity pool, with the $60 million worth of ETH that had been deposited in it being sent to a different address.
According to Sisyphus, an OpEgg contributor and AnubisDAO lead, the attack was carried out by someone in the team or a phishing assault on a team member. Sisyphus has since deleted the message, but he has offered a reward of 1000 ETH, which is worth $4.4 million, to anybody who can assist in identifying the individual in charge of the assault. Following the assault, the value of the ANKH token plummeted to near zero.
The incident has been dubbed a “rug pull,” and some community members believe it may be one. In crypto, a rug pull is an operation carried out with the aim of stealing investor money. A team member named “Beerus” has drawn the ire of Discord community members, who think he might be behind the rug pull.
Users discovered a chain of transactions that connected to a wallet owned by “Beerus.” This has been verified by The Block researchers as well. However, the suspected attacker’s Twitter account has been deleted since then.
Others have criticized the project, claiming it was untrustworthy because there was no website or whitepaper. Despite the lack of trust, investors invested millions in the project, with one prominent user reporting losing $500,000 as a result of the event.
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