The cryptocurrency market is bleeding as $5.5 million worth of stolen altcoins seized in AnubisDAO’s rug pull operation move.
Altcoins seized by AnubisDAO are on the move
New traces of AnubisDAO have emerged, which attracted $ 57 million worth of cryptocurrency from users to its own wallet in November last year. From the stolen cryptos, about 3,000 Ethereum (ETH), worth $5.5 million at current market prices, was moved to Tornado Cash, a popular mixer.
AnubisDAO had acquired approximately $60 million from its investors in rug pull in late October 2021. Supposedly, the meme coin project would continue the success of Dogecoin and other dog-themed cryptocurrencies and was also launched as a new version of OlypumsDAO.
Rugging or rug pull is a scam where bad actors trick investors with promises of the next big project, take their money and run.
Large amount of stolen Ethereum on the move
cryptocoin.com As we reported, AnubisDAO stole millions of dollars from its investors in October 2021. However, the attacker moved 3000 ETH to Tornado Cash, a mixer that participants use to hide their money trail from on-chain detectives. This tool is popular with bad actors who often use it to make stolen cryptos untraceable.
PeckShield, a blockchain security and data analytics company, recorded 3,000 ETH movements that were stolen on April 9.
According to Arkham Intel, AnubidDAO rugger still has 7,000 ETH worth $13 million in his wallet.
What is AnubidDAO? What happened in the rug pull?
AnubisDAO emerged as the project behind DOGIRA, a token traded on cryptocurrency exchanges. But recently, the leaders and developers of the project have vaguely disappeared. This caused investors to experience losses of approximately $60 million. Investors claim that the project is a scam and took all the money they had through a method known as “rug pull”.
The project later announced that it had lost all its assets and that the company would close. Investors are meeting with their lawyers to initiate legal proceedings over allegations of fraud.
Brian Nguyen, an AnubisDAO investor, told CNBC he lost $470,000. He admitted that the thing that appealed to him most about the project, as it evokes recent meme coin successes like Dogecoin and Shiba Inu, were the dog images used to market it.
In short: Anubis returned to the underworld $60 million richer. He left another lesson in the advice of crypto investors not to trust projects that promise high returns.
How can I stay away from rug pull projects?
In the cryptocurrency world, rug pull poses a serious risk to investors. So, to avoid rug pull, consider the following five items:
- Do research: Before investing in cryptocurrency projects, research the people and team members behind the project. Having a good team is important to the success of the project.
- Read the white paper: The white paper includes what the project is, how it works, and its goals. By reading the white papers, you can understand what the project aims to do and make your investment decision accordingly.
- Join communities: Cryptocurrency projects often have a community. By joining the communities, you can learn about the progress of the project and exchange ideas with other investors.
- Check regulatory compliance: Cryptocurrency projects may not be approved by regulatory agencies. Therefore, checking the regulatory compliance of the project is important to ensure the safety of your investment.
- Diversify your investment: The best way to minimize the risk of rug pull is to diversify your investment. Instead of investing in a single project, you can spread the risk by investing in different projects and cryptocurrencies.
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