AnubisDAO, a decentralized finance (DeFi) project, suffered a rug pull attack, resulting in the theft of $60 million worth of Ether (ETH).
In October 2021, AnubisDAO conducted a token sale, raising 13,556 ETH from investors by leveraging the popularity of Dogecoin (DOGE). However, 20 hours after the launch, the funds were funneled to a different address, leading to significant losses for investors.
According to blockchain sleuth PeckShield, the stolen funds were moved to Tornado Cash between July 15 and 16, split into 100 ETH tranches. Tornado Cash is a decentralized protocol that provides privacy for transactions on the Ethereum network.
While some investors still cling to hope for a refund, recovery remains an unlikely outcome. Potential investors have been advised to exercise due diligence and research projects and founders thoroughly before investing, to mitigate risks.
In other news, technical implications resulting from the Multichain exploit have forced Geist Finance, a lending protocol, to permanently cease its operations. The team has affirmed that resuming lending and borrowing would negatively impact holders of non-Multichain coins such as Magic Internet Money (MIM) and Fantom.