Nearly two years after the AnubisDAO decentralized finance (DeFi) project was rug-pulled, resulting in a loss of almost $60 million in Ether (ETH), the stolen funds have now been siphoned away using the Tornado Cash protocol. Originally, in October 2021, AnubisDAO managed to raise 13,556 ETH from crypto investors due to the popularity of Dogecoin (DOGE) at the time. However, just 20 hours after the investment, the funds were sent to a different address, causing immediate losses for the investors.
Between July 15 and 16, the illicit funds were moved using Tornado Cash, which is a decentralized protocol that enables private transactions. The person who possessed the 13,556 ETH divided and transferred the funds in increments of 100 ETH per transaction. Blockchain investigator PeckShield brought this information to light, noting that the stolen funds had accumulated to approximately 26.2 million at the time of writing.
As the affected investors witness their funds disappearing into the unknown, a small number of them maintain a glimmer of hope, believing that they may recover their investments once the bear market recovers. However, this outcome seems highly unlikely. In light of this incident, it is advised that investors conduct thorough research on a project and its founders before making any investment decision.
In other news, Geist Finance, a lending protocol, has permanently shut down due to losses incurred from the Multichain exploit. The team behind Geist Finance confirmed that they do not plan to resume lending and borrowing on the platform. A technical complication related to non-Multichain coins, such as Magic Internet Money (MIM) or Fantom (FTM), makes it impossible for Geist Finance to reintroduce lending without resulting in bad debt for holders of these coins.
These recent incidents serve as reminders of the risks associated with investing in the cryptocurrency market. It is essential for individuals to exercise caution and conduct thorough due diligence before engaging in any investment activities. While the market offers exciting opportunities, it also poses significant challenges and potential pitfalls that investors must be mindful of.
In conclusion, the AnubisDAO rug-pull incident from almost two years ago has resurfaced with the stolen funds being moved via Tornado Cash. This serves as a cautionary tale for investors, emphasizing the importance of conducting careful research and due diligence before investing in any project. Additionally, the closure of Geist Finance due to the Multichain exploit highlights the risks and challenges faced by participants in the cryptocurrency market. Vigilance and knowledge are key in navigating this ever-evolving landscape.