Home News Investors rug-pulled after pouring $57M into OlympusDAO fork

Investors rug-pulled after pouring $57M into OlympusDAO fork

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The AnubisDAO (ANKH) project tokensale raised approximately 13,256.4 ETH using Alchemistcoin’s liquidity bootstrapping protocol (LBP) Copper after launching via Discord channel in October 28. Tokensale positioned itself as a fork of OlympusDAO.

Thus, AnubisDAO didn’t even have a website – only a Discord server and a Twitter account. But the project still attracted the attention of investors. In less than a day, 13,256.4 ETH (~$57.42 million) were deposited into the ANKH/ETH liquidity pool.

It was assumed that ANKH would be distributed after the end of the tokensale, however, a few hours before the sale closed, all liquidity was withdrawn. Since it happened, the price of the project tokens dropped to zero. In fact, there was a so-called “rug pull”.

Egyptian god of death and the afterlife

Brian Nguyen, one of the investors, called the loss “pretty painful”; admitted to having a “buy first, do research later” approach. An investor claims to have lost about $470,000 to AnubisDAO, according to CNBC.

Following the meteoric gains lately garnered by certain dog-token investors, after seeing popular pseudonymous DeFi advocate “0xSisyphus” promote Anubis on Twitter, because of its canine-themed brand, Nguyen drew attention to AnubisDAO.

Anubis is the Greek name for the Egyptian god of death and the afterlife. In art, depicted as having a human body and a dog’s head.

Rogue team member

Community members managed to track down the address with the assets stolen from investors. The address had a link to the Beerus Twitter account; Which was quickly deleted after the incident.

0xSisyphus stated that he has nothing to do with the mailing list. According to him, a “rogue team member” AnubisDAO may be behind the incident. He offered the latter to return the assets to users, keeping 1000 ETH (~$4.33 million) for himself. Moreover, the crypto investor promised to add this amount from personal funds.

0xSisyphus also stated that Chainalysis was participating in the incident’s investigation. Meanwhile, the alleged owner of Beerus Twitter account said that he reported the situation to law enforcement agencies and handed them his computer for examination.

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