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After spending $57 million on the dog-themed OlympusDAO fork, investors pulled the rug out of it

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Investors pulled the rug out after investing millions

The incident has been reported to Hong Kong police, with the prime suspect filing a police report and handing over a computer to the authorities.AnubisDAO raised around 13,256.4 ETH using Alchemistcoin's liquidity bootstrapping protocol (LBP) Copper after releasing on a Discord channel on October 28. However, about 20 hours into the LBP, the funds were unexpectedly transferred to a different address.

An investor claims to have lost nearly $470,000 to AnubisDAO, according to CNBC. Brian Nguyen, the investor, admitted to having a “buy first, do research later mentality,” expressing the loss as “pretty painful.”

After noticing Anubis promoted on Twitter by renowned pseudonymous DeFi advocate "0xSisyphus," Nguyen was attracted to the project because of its canine-themed branding amid the spectacular gains recently earned by several dog-token investors.

Anubis is the Greek name for the Egyptian god of death and the underworld, which is shown in Egyptian imagery as having a human body and a dog's head.AnubisDAO, the upstart canine-themed OympusDAO fork, seems to have lost investors of around $57 million worth of Ether in what many are considering a rug-pull.

0xSisyphus has presented a comprehensive timeline about AnubisDAO's formation and launch, claiming to have engaged law enforcement in both the US and Hong Kong. 0xSisyphus has also offered to drop the civil proceedings if the perpetrator returns the stolen items minus a 1,000 ETH incentive.

Inside job?

According to 0xSisyphus, the concept for an OlympusDAO fork influenced by Shiba Inu branding emerged during discussions among PebbleDAO project members on October 26 and October 27.

On the 27th, a Telegram for the project was launched, with all six of the original members hailing from PebbleDAO. The following day, it is decided that the LBP will be deployed by the pseudonymous founder member "Beerus" – a decision that 0xSisyphus now describes as a "critical mistake."

With a few hours, until the LBP was set to close on October 29, Beerus claimed: “to have opened a malicious link from a PDF” and disclosed the private keys used for the LBP launch. Soon after, 13,556 Ether was removed from the LBP, but Beerus' wallet funds appear to be “intact and under his control".

0xSisyphus further writes that “security researchers provided the PDFs from phishing emails”  issued during the day Beerus claimed to have clicked the malicious link, observing that “at this point, none have found any malicious content contained in the PDFs.”

On Oct. 29, Hong Kong authorities are contacted after Beerus' real-world information is compiled and partially released on Twitter. Beerus filed a report and turned over one Computer to Hong Kong authorities the next day.

0xSisyphus further mentions that wallets linked to the incident have sent ETH to Coinbase and that the exchange has been notified of the transactions.

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