The stolen assets from the notorious AnubisDAO rug-pull have reappeared after almost two years, making their way via the Tornado Cash decentralized system, a PeckShield alert said on July 16. AnubisDAO, a dog-inspired decentralized finance (DeFi) initiative, had a terrible loss of approximately $60 million in Ethereum in October 2021, leaving investors stunned.
AnubisDAO first raised an amazing 13,556 ETH from eager crypto investors, capitalizing on the Dogecoin movement that was popular at the moment. However, after just 20 hours, the money were immediately moved to an unknown location, depriving investors of their hard-earned wealth.
PeckShield, a blockchain researcher, has discovered that the stolen cash were transferred between July 15 and 16 through Tornado Cash, a decentralized system renowned for facilitating secret transactions. The attacker expertly separated and moved the 13,556 ETH in 100 ETH increments, thereby obscuring the trail of the illegally acquired assets.
The stolen monies, which had risen to around $26.2 million at the time of writing, had left the misled investors reeling. Despite the difficult conditions, a tiny group of investors holds out hope for the improbable prospect of retrieving their cash if the bear market rebounds.
Experts underline the need of doing extensive research on a project and its founders before making any investment to avoid similar regrettable situations in the future. This warning is intended to educate investors to make informed choices, protect their assets, and reduce the dangers connected with new DeFi ventures.
Unfortunately, the effects of the Multichain vulnerability rippled across the business, forcing lending protocol Geist Finance to make the tough choice to permanently discontinue its lending and borrowing services. Geist Finance’s staff stated their intention not to reopen, surrendering to the exploit’s enormous losses.
As the cryptocurrency ecosystem evolves, investors must be watchful and do due diligence to safeguard their holdings. The AnubisDAO event serves as a sharp reminder of the DeFi space’s inherent hazards and weaknesses.
