• Latest
  • Trending
Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

October 31, 2021
Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx

Cryptocurrency Exchange Crypto.com Receives Digital Token License from Monetary Authority of Singapore (MAS)

June 1, 2023
XRP $1 Threshold On The Horizon? Trader Fuels Speculation

XRP $1 Threshold On The Horizon? Trader Fuels Speculation

June 1, 2023
Metacade price prediction for June: buy the MCADE dip

Metacade price prediction for June: buy the MCADE dip

June 1, 2023
EU Takes Major Step in Crypto Regulation with MiCA Legislation

EU Takes Major Step in Crypto Regulation with MiCA Legislation

June 1, 2023
FUR BALL: The Next Big Meme Coin Launches with a Bang

FUR BALL: The Next Big Meme Coin Launches with a Bang

May 31, 2023
Bitcoin BTC Price Settles Above $27K After Early Wednesday Dip Amid Rate Hike, Inflation Worries

Bitcoin BTC Price Settles Above $27K After Early Wednesday Dip Amid Rate Hike, Inflation Worries

May 31, 2023
JPMorgan analyst sees a ‘conditional’ upside to $45,000 in Bitcoin

JPMorgan analyst sees a ‘conditional’ upside to $45,000 in Bitcoin

May 31, 2023
Investment bank TD Cowen shuts crypto unit a year after opening

Investment bank TD Cowen shuts crypto unit a year after opening

May 31, 2023
New Projects, Transaction Count Increase, Tech Upgrades

New Projects, Transaction Count Increase, Tech Upgrades

May 31, 2023
  • Privacy Policy
Thursday, June 1, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto

Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

J_News by J_News
October 31, 2021
in Crypto, Top News
0
Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


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.

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’s liquidity pool.

Related Reading | DeFi Hack: Vee Finance Losses $35 Million To Hackers Following Mainnet Launch

The project, AnubisDAO, was promoted as a fork of OlympusDAO — 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.

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.

The Project Suffers Mysterious Attack

The token sale started on Thursday, with investors putting ETH into the project and receiving Anubis tokens (ANKH) in return.

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.
Subsequently, the value of the ANKH token dropped to almost zero.

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 CNBC about the unfortunate event.

Related Reading | Data Shows Crypto Hacks And Fraud In 2021 Are On Track For A New Record

He admitted that he did not investigate the project thoroughly before investing. “We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” he says.

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 Copper Launch also encouraged him to invest.

Also, a crypto influencer who he respected – 0xSisyphus on Twitter – supported the project. “So, I had some conviction on the buy.”

Investigations Begin

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, “but the Anubis team seems to have compromised their admin keys,” The Auction platform also released a statement yesterday regarding the incident.

There have been many guesses on what really happened. Some suspect it to be a “rug pull.” A rug pull is a common type of crypto scam where a project is created with the specific intention of stealing investor funds.
Others think it could be a phishing attack, where hackers target victims to steal crypto credentials.

Related articles

Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx

Cryptocurrency Exchange Crypto.com Receives Digital Token License from Monetary Authority of Singapore (MAS)

June 1, 2023
XRP $1 Threshold On The Horizon? Trader Fuels Speculation

XRP $1 Threshold On The Horizon? Trader Fuels Speculation

June 1, 2023
DeFi market cap at $152.789B | Source: Crypto Total DeFi Market Cap on TradingView.com

A Twitter user claimed 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. 0xSisyphus, however, since denied it, and tweeted on Friday that the 0xSisyphus “account’s namesake is clearly compromised,” 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.

A Twitter user traced the wallet address to another user named Beerus. Moments later, the Beerus account was deleted.

March 18 @beerus tweets the wallet address that funded today’s Anubis hack

1 minute ago @beerus deletes his Twitter account

1k ETH pls @0xSisyphus pic.twitter.com/CvO3YTwCRu

— loldefi // 🥒🦋 (3, 3) (@loldefi) October 29, 2021

0xSisyphus later said that they were certain that the incident was not a phishing attack but instead a rug pull by a “rogue team member,” They further said that Chainalysis was involved in the investigation. And that they are also working with authorities in the UK and US.

Featured image by @AnubisDao on Twitter, Chart from TradingView.com





Source link

ShareTweetShareShare
Previous Post

Will Halloween NFTs be hauntingly good or too spooky for crypto?

Next Post

The Bias That Propels Shiba Inu and Dogecoin

Related Posts

Singapore Bank DBS Completes Fixed Income Trade on JPMorgan’s Blockchain Network Onyx

Cryptocurrency Exchange Crypto.com Receives Digital Token License from Monetary Authority of Singapore (MAS)

by J_News
June 1, 2023
0

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The...

XRP $1 Threshold On The Horizon? Trader Fuels Speculation

XRP $1 Threshold On The Horizon? Trader Fuels Speculation

by J_News
June 1, 2023
0

XRP is no stranger to volatility and the excitement it brings. However, when a prominent trader like DonAlt raises the...

Metacade price prediction for June: buy the MCADE dip

Metacade price prediction for June: buy the MCADE dip

by J_News
June 1, 2023
0

Metacade price has pulled back slightly in the past few days. The token has numerous catalysts in the coming days....

EU Takes Major Step in Crypto Regulation with MiCA Legislation

EU Takes Major Step in Crypto Regulation with MiCA Legislation

by J_News
June 1, 2023
0

Alex Dovbnya The European Union (EU) made a significant stride in cryptocurrency regulation today by officially enacting the Markets in...

FUR BALL: The Next Big Meme Coin Launches with a Bang

FUR BALL: The Next Big Meme Coin Launches with a Bang

by J_News
May 31, 2023
0

FUR BALL, the highly anticipated meme coin, is set to launch its groundbreaking project, bringing a refreshing twist to the...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

Milady Meme Coin Price Prediction 2023-2030

Bitcoin Price (BTC) in Stasis Below $27K Ahead of Powell Speech

Peercoin Network Successfully Hard Forks – New Developers Hired

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT