Investors rug-pulled after pouring $57M into dog-themed Olym | Chill Crypto | News | Bitcoin
Investors rug-pulled after pouring $57M into dog-themed OlympusDAO fork
Hong Kong police have reportedly been notified of the incident, with the primary suspect having filed a police report and handed a computer over to authorities.
After launching via a Discord channel on Oct. 28, AnubisDAO went on to raise roughly 13,256.4 ETH using Alchemistcoin’s liquidity bootstrapping protocol (LBP) Copper. However, the funds were unexpectedly sent to a different address roughly 20 hours into the LBP.
CNBC spoke to one investor who claims to have lost almost $470,000 to AnubisDAO. The investor, Brian Nguyen, conceded to subscribing to a “buy first, do research later mentality,” describing the loss as “pretty painful.”
Nguyen noted that he was attracted to AnubisDAO because of its canine-themed branding amid the meteoric gains recently reaped by some dog-token investors after seeing Anubis promoted on Twitter by prominent pseudonymous DeFi advocate “0xSisyphus.”
Anubis is the Greek name for the Egyptian god of death and the underworld, with Egyptian imagery depicting the god as donning the body of a human and the head of a dog.
Investors appear to have lost roughly $57 million worth of Ether in what many are describing as a rug-pull executed by the upstart canine-themed OympusDAO fork, AnubisDAO.
0xSisyphus has published a detailed timeline outlining AnubisDAO’s formation and launch, and claims to have engaged law enforcement in both the United States and Hong Kong. 0xSisyphus has also offered to cease the civil proceedings should the perpetrator return the stolen finds minus a 1,000 ETH bounty.
