Investors lose $60m to invest in crypto project
On 28 October, a new crypto project called AnubisDAO was launched. It positioned itself as a fork of the cryptocurrency OlympusDAO, which is a decentralised, autonomous organisation and managed by the community. Based on its name, AnubisDAO was dedicated to Anubis, the dog-headed Egyptian god of death. Apparently, the developers wanted to play on the popularity of the dog meme-tokens. And they succeeded.
In just one night, from October 28 to 29, the project raised $60 million in ETH. In exchange for the invested ethers, investors received ANKH tokens.
However, on October 29 at 14:58 MSK, the liquidity in the pool, which was used to sell tokens and support the price of ANKH, was emptied. The $60 million in ETH was sent to an unknown address.
The removal of liquidity from the pool was a bad sign, and the removal before the end of the sale was even worse. In all likelihood, investors were duped, only it is not fully known how:
The price of the ANKH token immediately dropped to almost zero.