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Coucil of apes CQ

Investors Rug-pulled After Pouring $57m Into Dog-themed OlympusDAO Fork

OlympusDAO Fork News
  • After the launch on the Discord channel, AnubisDAO rose to about 13,256.4 ETH.
  • The funds were suddenly sent to different addresses.
  • Investors have lost roughly $57 million worth of Ether.

On October 28, after the launch via a Discord channel, AnubisDAO rose to about 13,256.4 ETH using Alchemist coin’s liquidity bootstrapping protocol (LBP) Copper. Unfortunately, it suddenly sent the funds to another address roughly 20 hours into the LBP. As a result, investors have lost around $57 million worth of Ether.

In addition, Hong Kong police have been notified of the incident. In fact, the primary suspect has filed a police report and handed a computer over to authorities.

On the other hand, the investor, Brian Nguyen, spoke to CNBC claiming he had lost almost $470,000 to AnubisDAO. At the same time, he conceded to supporting a “buy first, do research later mentality,” explaining the loss as “pretty painful.”

According to Nguyen, he was attracted to AnubisDAO because of canine-themed branding between the meteoric gains. Recently, it was collected by some dog-token investors after observing Anubis promoted on Twitter by prominent pseudonymous DeFi advocate “0xSisyphus.”

Meanwhile, 0xSisyphus has published a detailed timeline outlining AnubisDAO’s formation and launch and claims to have engaged law enforcement in both the U.S. and Hong Kong. Moreover, 0xSisyphus has also offered to cease the civil proceedings should the perpetrator return the stolen finds minus a 1,000 ETH bounty.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.