October 15, 2024
AnubisDAO’s rug-pulled 13.5K ETH washes away on Tornado Cash

Nearly two years after dog-inspired decentralized finance (DeFi) project AnubisDAO was stolen from nearly $60 million in ether (ETH), the stolen funds were stolen by Tornado Cash.

In October 2021, AnubisDAO raised 13,556 ETH from cryptocurrency investors due to previous trends in Dogecoin (DOGE). However, about 20 hours after investing, the funds were sent to another address, causing investors to suffer immediate losses.

Almost two years later, between July 15 and 16, the illicit funds were transferred via Tornado Cash, a decentralized protocol that allows private transactions. One or more people with 13,556 ETH split the funds into 100 ETH transactions, as shown in the diagram below.

A snippet of AnubisDAO’s funding transaction history. Source: Etherscan

Blockchain investigator PeckShield raised the alarm when the breach occurred, with 13,556 ETH worth approximately $60 million at the time. As of this writing, the stolen funds total nearly $26.2 million.

While defrauded investors have seen their money sucked into the abyss, some remain optimistic about the possibility of getting their money back when the bear market recovers. Therefore, investors are advised to conduct thorough research on the project and its founders before making any investment.

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Losses from a multi-chain breach forced lending protocol Geist Finance to shut down permanently. The latest post confirms that the team does not intend to reopen lending on Geist.

The associated technical complexities make it “impossible” for Geist Finance to re-enable loans, as doing so would result in bad debts for holders of non-multi-chain tokens such as Magic Internet Money (MIM) or Fantom (FTM).

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