AnubisDAO Victims Still Awaiting Explanation of $60 Million Loss

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  • AnubisDAO victims are still awaiting a “community call” to explain the collapse of the project
  • Someone rinsed the liquidity pool of $60 million before AnubisDAO launched
  • The team promised a community call then cut off all forms of communication

Victims of the loss of $60 million worth of tokens from the liquidity pool of AnubisDAO, the dog-themed cryptocurrency that forked from the popular OlympusDAO, are still waiting for an explanation of what happened. AnubisDAO devs promised a “community call” after the liquidity pool was drained on Thursday but nothing has been forthcoming, leading to the community suspecting a rug pull. The fact that the project’s Discord is in an announcement-only setting with no channels for discussion also points to the fact that something untoward has taken place.

AnubisDAO Folded Before Launch

AnubisDAO was a medley of the Shiba Inu meme and Anubis, the Egyptian deity Anubis and was a fork of OlympusDAO, a decentralized reserve currency backed by bonds sales and liquidity provider fees. OlympusDAO’s formula has proved very popular and has spawned dozens of spinoffs, which is in itself never a good sign.

AnubisDAO was trading at about $0.18 on Thursday prior to its launch but the price suddenly crashed to $0.03, while liquidity dropped to zero. This was after $60 million worth of liquidity had been pooled by investors in the days leading up to it. A message from the AnubisDAO team followed, offering an explanation and promising a call to clear up what had happened:

However, victims were quick to assume the worst:

No such call has been forthcoming and all methods of directly contacting the team have been disabled, suggesting that, indeed, an exit scam has taken place and the team has waltzed off with the money. Any hopes of remaining legitimacy in the project rest on a call coming today, the first day back after the weekend. If nothing is forthcoming, as appears to be the case, then investors can kiss goodbye to their funds.