Investors pull the rug after pumping $57 million into OlympusDAO’s dogs-themed fork – News Couple
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Investors pull the rug after pumping $57 million into OlympusDAO’s dogs-themed fork

After launching via Discord channel on October 28, AnubisDAO has continued to raise approximately 13256.4 ETH using Alchemistcoin’s Liquid Copper Transfer Protocol (LBP). However, the money was unexpectedly sent to a different address for about 20 hours in LBP.

CNBC spoke to an investor who claims to have lost nearly $470,000 to AnubisDAO. The investor, Brian Nguyen, admitted to engaging in a “buy first, look later” mindset, describing the loss as “very painful”.

Nguyen noted that he was drawn to AnubisDAO for its dog-themed brand amid recent meteoric gains by some dog symbol investors after seeing Anubis promoted on Twitter by DeFi with the prominent pseudonym “0xSisyphus”.

Anubis is the Greek name for the Egyptian god of death and the underworld, with Egyptian images depicting the deity as wearing the body of a human and the head of a dog.

Investors appear to have lost nearly $57 million in Ether in what many describe as a rug pull carried out by OympusDAO’s start-up fork, AnubisDAO.

0xSisyphus has published a detailed timeline outlining the formation and launch of AnubisDAO, and claims to have been involved in law enforcement in both the US and Hong Kong. 0xSisyphus also offered to stop civil proceedings if the offender returns the stolen finds minus the reward of 1,000 ETH.

inside the job?

According to 0xSisyphus, the idea for the OlympusDAO fork inspired by the Shiba Inu brand arose from discussions between members of the PebbleDAO project during October 26 and October 27.

Telegram for the project was created on the 27th, with six original members all from PebbleDAO. The next day, it was decided to task founding member with the pseudonym “Beerus” to publish LBP – a decision 0xSisyphus now describes as a “fatal mistake”:

This was a huge mistake. This was supposed to be done from the original multisig wallet.”

With only hours left before LBP’s scheduled shutdown on October 29, Beerus claimed to have “opened a malicious link from a PDF” and exposed the private keys used to launch LBP. Then 13,556 ether was withdrawn from the Lebanese pound shortly after, but it appears that Beerus’ personal wallet funds are “intact and under his control.”

0xSisyphus also notes that “security researchers provided PDFs from phishing emails” that circulated during the day that Beerus claimed to have clicked on the malicious link, stating “At this point, none of them have found any malicious content contained in the PDFs” .

Beerus factual information is also being collected and partly posted on Twitter, and Hong Kong authorities are contacted on October 29. Beerus filed a report and handed one computer over to the Hong Kong police the next day.

0xSisyphus also notes that the wallets linked to the incident have since sent ETH to Coinbase, adding that the exchange has been notified of the transactions.