A newly launched crypto project that was heavily promoted as a fork of OlympusDAO had raised $60 million during its token sale. However, the funds look to have been lost overnight as a potential phishing attack targeted the project.
Around 13,556.36 ETH, which were worth $60 million at the time, were drained from AnubisDAO’s liquidity pool, in what community members speculate could be a rug pull.
Details Of The Project
AnubisDAO was promoted as a fork of OlympusDAO and managed to raise $60 million overnight. The project was first announced on October 28th and was launched by creating a Discord server and a Twitter account, which released some tweets at the time it was created.
The project used the theme of Anubis, a reference to the Egyptian God of death, with a dog’s head, which was used to brand the project as similar to other dog-themed meme coins. The lack of a website did not deter investors who pumped in $60 million worth of ETH into it.
Vanishing Into Thin Air
The token sale was initially supposed to last for 24 hours, the duration for which investors could put ETH into the project and receive Anubis tokens (ANKH) in return. However, 20 hours into the sale, the liquidity pool was removed by an unknown entity, with the $60 million worth of ETH that had been put in the liquidity pool sent to a different address.
Core contributor to AnubisDAO, Sisyphus confirmed the attack, going on to say that the perpetrator of the attack was either a team member or a phishing attack that targeted a team member. Sisyphus has since deleted the tweet but has put out a bounty of 1000 ETH or $4.4 million to anyone who can help identify the person controlling the wallet behind the person who orchestrated the attack. Predictably, the value of the ANKH token tanked to near zero following the attack.
Community members have suspected that the attack could be a “rug pull.” A rug pull in crypto is when a crypto project is created with the specific intention of stealing investor funds. Several allegations have been leveled against a team member named “Beerus,” who community members on Discord suspect of orchestrating the rug pull.
Twitter users traced a series of transactions that connected to a wallet owned by “Beerus.” Researchers from “The Block have also confirmed this.” However, the Twitter account of the suspected attacker has since been deleted.
Other critics have blamed the project itself, stating that it was untrustworthy, especially since it had no website or whitepaper. However, investors pumped their money into the project despite the lack of credibility, with one notable user disclosing that they lost half a million dollars thanks to the incident.