AnubisDAO, a decentralized finance (DeFi) project inspired by dogs, experienced a rug pull almost two years ago, resulting in the loss of nearly $60 million in Ether (ETH). However, recent reports indicate that the stolen funds have resurfaced and are being transferred using Tornado Cash, a decentralized protocol for private transactions.
In October 2021, AnubisDAO managed to raise 13,556 ETH from cryptocurrency investors, taking advantage of the trending popularity of Dogecoin (DOGE). However, just 20 hours after the investment, the funds were redirected to a different address, causing an immediate loss for the investors.
Between July 15 and 16, the stolen funds were moved using Tornado Cash. The person in possession of the 13,556 ETH divided and transferred the funds in transactions of 100 ETH each. This information was revealed by blockchain investigator PeckShield, who made the discovery when the stolen funds were worth approximately $60 million. Currently, the stolen funds amount to around 26.2 million.
As the investors watch their funds being drained away, some still hold a glimmer of hope that they might be able to recover their losses once the bear market recovers. However, this possibility is highly unlikely. In light of this incident, investors are advised to conduct thorough research on projects and their founders before making any investments to avoid falling victim to similar scams.
The AnubisDAO rug pull is not an isolated incident. Other projects, such as Geist Finance, have also suffered losses due to exploits. Geist Finance recently announced that it would permanently shut down following the Multichain exploit, which resulted in significant losses. The team behind Geist Finance confirmed that they have no plans to reopen lending and borrowing on their platform.
One of the reasons why Geist Finance cannot resume its lending activities is due to a technical complication. Enabling lending would lead to bad debt for holders of non-Multichain coins, such as Magic Internet Money (MIM) or Fantom (FTM). This further emphasizes the vulnerability of decentralized finance projects and the importance of due diligence from investors.
In summary, the stolen funds from the AnubisDAO rug pull have resurfaced and are being transferred using Tornado Cash. Despite the hopes of some investors, it is highly unlikely that they will be able to recover their losses. This incident serves as a reminder for investors to thoroughly research projects and their founders to avoid falling victim to scams. Additionally, the Geist Finance shutdown highlights the risks and complications involved in the decentralized finance space.
Source link