An investor allegedly lost $470,000 to a dog-inspired DeFi project. In an interview with CNBC, the investor admitted.
AnubisDAO, the project in question, raised $60 million with its ANKH token sale. However, a deeper examination of the community reveals that the full $60 million in cash has vanished.
The decentralized autonomous organization (DAO) was created without a specific goal in mind. AnubisDAO was initially revealed on its Twitter account on October 28th, along with a Discord server.
Anubis’ crowdfunding pool on Copper Launch enjoyed a terrific start since meme-coins have been gaining popularity in the market recently. Soon after, investors continued to pour their ETH into the initiative in return for ANKH. Meanwhile, once AnubisDAO was accused of stealing funds, the token’s price plummeted to zero, with no new investors.
The sale on Copper Launch, according to Nguyen, brought validity to the sale because it is a well-known crowdfunding site. In answer to a question about why it permitted a fraud to be published, Copper responded,
“Copper is permissionless and we read data directly from the Ethereum network. That means anyone can launch. That being said, mistakes happen even w/ great projects and teams. Internet money isn’t always easy. We’re wishing the @AnubisDAO team and community all the best.”
Furthermore, backing for the initiative from crypto influencer 0xSisyphus boosted investment. Many in the community, however, continue to label it a phishing assault or a hack on the DAO pool. AnubisDAO’s social media handle was live in the early hours, and it had apologized for troubles caused by a “bug” on the Copper Launch platform.
The site later claimed that it had not been hacked, but that the AnubisDAO team’s admin keys had been compromised.
We have further confirmation that Copper has not been compromised, but the Anubis team seems to have compromised their admin keys. Please refer to the thread below for an overview of the situation:https://t.co/7JhqQv4M2J— Copper (@CopperLaunch) October 29, 2021
“The only way to recover cashback is to figure out who controls the wallet with all the ETH,” said crypto influencer DCF God. Investors also reported receiving emails, which they said were phishing attempts.
However, according to a recent estimate, over $1.1 billion in stolen cryptocurrency was lost in Q3 2021 alone. And Ethereum has remained the top target, with nearly $800 million in losses.
Cryptoeats, which supposedly secured millions in initial capital, just vanished after launching its cryptocurrency. According to sources, the alleged swindle cost investors $500,000. Investors must, without a doubt, exercise prudence.
