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Investors in the AnubisDAO token lost around $60 million

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Joyashree Dey Follow

INDIA

Nov, 06 2021

Nov, 06 2021

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Investors claim that the makers of a recently launched canine coin project AnubisDAO duped them out of a consolidated absolute of $60 million in ETH after the funds vanished from the project’s liquidity pool.

on the day of Thursday, after launching through a Discord channel, AnubisDAO proceeded generally to raise 13,256.4 Ether (ETH). utilizing Alchemist Coin's liquidity bootstrapping protocol (LBP), Copper. Nonetheless, the assets were suddenly shipped off an alternate address approximately 20 hours into the LBP.

AnubisDAO, which launched on October 28, promoted itself as a fork of OlympusDAO–a decentralized reserve currency upheld by bonds deals and liquidity supplier expenses.

At the time point when it launched, The anubisDa team launched a Discord Server and now dormant Twitter account.

Even though the venture didn't have a site, investors emptied $60 million into the initial token sale as a trade-off for ANKH tokens.

CNBC talked to one investor, Brian Nguyen who claims to have lost nearly $470,000 to AnubisDAO. The investors conceded that what engaged him most with regards to the undertaking was the canine theme used to advertise it, as it evoked late meme coin successes like Dogecoin and Shiba Inu. He yielded to preferring a "buy first, do research later mentality," depicting the misfortune as "pretty painful."

Sisyphus has published a definite course of events illustrating AnubisDAO's arrangement and launch and cases to have connected with law implementation in both the United States and Hong Kong. Sisyphus has presented to shop the basic common steps should the culprit return finds minus a 1,000- Ethereum.


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Joyashree Dey

CBW - External Analyst

INDIA

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