At a glance, AnubisDAO seemed promising. With well-known developers involved, it took the theme of a dog coin and was a fork of the OlympusDAO project.
OlympusDAO boasts success, with a market cap of over $1bn, many believed AnubisDAO would also triumph.
Only 10 hours after its token sale ended, the project disappeared and left investors scratching their heads. OlympusDAO is an algorithmic stablecoin; such stablecoins are different from the norm because they do not fix to one price.
Like most of the other scams that disappear without a trace, this token was widely encouraged by Twitter influencers as ‘the next big coin.’ One investor has reported the loss of $460,000 in the scam, stating that no research was made before the purchase as it was a dog-themed coin (and was said to have good developers involved).
This is a common theme among some crypto-asset investors who purchase first and do the research after. Most novice buyers believe that researching a project takes time, this could potentially mean missing out on an opportunity to buy the coin early.
There are many rumors of how this happened. Some believe one of the team members opened a PDF file containing a virus which led to private keys being discovered.
Still, team members of the project are pointing fingers, as it is ambigious who controls the project's funds.
A promoter of the project – known on Twitter for the DeFi knowledge – attempted to reach out to the scammer asking for the funds back.
The tweet mentioned a 1000 ETH reward for the returned funds. At this time, it is not clear if this was a hack from a malicious person, a white hat hacker (who will return the funds), or an inside job from the team.
Investing in new projects can be extremely risky. There is little fundamental analysis you can do for crypto-assets, and many new projects do not have any other released projects for customers to review.
Most only contain a website and social media channels. People who are new to crypto should definitely avoid jumping into anything without doing their research first.