Skip to main content

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.

Inside job?

According to 0xSisyphus, the idea for an OlympusDAO fork inspired by Shiba Inu’s branding arose from discussions among members of the PebbleDAO project during Oct. 26 and Oct. 27.

A Telegram for the project was created on the 27th, with its six original members all hailing from PebbleDAO. The following day it is decided that the pseudonymous founding member “Beerus” would be tasked with deploying the LBP — a decision that 0xSisyphus now describes as a “critical mistake”:

“This was the critical mistake. This should have been done from the original multisig wallet.”

With just hours left until LBP was scheduled to close on Oct. 29, Beerus claimed “to have opened a malicious link from a PDF” and exposed the private keys used for the LBP launch. 13,556 Ether was then pulled from the LBP shortly after, however Beerus’ personal wallet funds appear to remain “intact and under his control.”

0xSisyphus also notes that “security researchers provided the PDFs from phishing emails” distributed during the day Beerus claimed to have clicked the malicious link, noting at “at this point, none have found any malicious content contained in the PDFs.”

Beerus’ real-world information is also collated and partially published to Twitter and Hong Kong authorities are contacted on Oct. 29. Beerus filed a report and turned one computer over to Hong Kong police the following day.

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



from https://ift.tt/3mxmkm1
https://ift.tt/3jVM3CZ
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How much is too much? Crypto art market brings together deep pockets and big artists

In the future, owning unique art won’t be restricted to the elites, but will everyone have digital art on their walls? With the nonfungible token market approaching the frothing point, perhaps it’s time to sit back and ask: “What’s happening here?” The $750,000 in proceeds from the recent sale of a single “alien” CypherPunk NFT, after all, could have paid for a reasonably sized house. The crypto world at large is only 12 years old, entering adolescence, but crypto art — art on a blockchain — and nonfungible tokens are just out of their terrible twos. The launch of an epoch-defining CryptoKitties goes back to 2017 and 2018, and Ethereum’s nonfungible token, ERC-721 — which is used by many digital galleries and also non-art NFTs — wasn’t developed and rolled out until early 2018. What is being discussed here is still very new. Moreover, Bitcoin ( BTC ), the world’s first blockchain project, was initially just a more efficient way to transfer money, though it soon became more — a k...
Post a Comment
Read more