cryptointelligence.co.uk
AnubisDAO, a decentralized finance (DeFi) project inspired by dogs, fell victim to a rug-pulling incident nearly two years ago.
The perpetrators made off with almost $60 million worth of Ether (ETH). However, the stolen funds have resurfaced as they were recently discovered being moved through Tornado Cash.
Back in October 2021, AnubisDAO managed to raise 13,556 ETH from cryptocurrency investors, capitalizing on the popularity of Dogecoin (DOGE) at the time.
Unfortunately, within just 20 hours of the investment, the funds were maliciously sent to a different address, resulting in a complete loss for the unsuspecting investors.
Fast forward to the present, and it has been revealed that the illicitly obtained funds were channeled through Tornado Cash, a decentralized protocol known for facilitating private transactions.
The individuals responsible for the theft divided the 13,556 ETH into multiple transactions of 100 ETH each, as evidenced by a transaction history screenshot.
PeckShield, a blockchain investigator, alerted the community to the exploit when t. value of the 13,556 ETH stood at approximately $60 million.
As of the time of writing, the stolen funds are now worth around $26.2 million.
While some of the defrauded investors hold out hope for a recovery of their funds once the bear market improves, such an outcome is highly unlikely.
Consequently, potential investors are strongly advised to conduct thorough research on projects and their founders before committing any funds.
The consequences of the multichain exploit extended beyond AnubisDAO. Geist Finance, a lending protocol, was compelled to permanently shut down due to losses resulting from the exploit.
In a recent announcement, the Geist Finance team confirmed that lending and borrowing services will not be reinstated.
Furthermore, a technical complication related to this incident renders it “impossible” for Geist Finance to resume lending.
Reactivating lending functionality would result in unfavorable debt for holders of non-Multichain coins such as Magic Internet Money (MIM) or Fantom (FTM), which are currently valued at $0.26.
The incident involving AnubisDAO serves as a reminder of the risks associated with investing in the crypto space. Vigilance, thorough due diligence, and caution are essential when considering investments in DeFi projects.