AnubisDAO, a 2021 crypto project touted as a fork of OlympusDAO, has become the latest example of a "rug pull" in the crypto community. The project that promised to ride the current "dog-coin craze" raised $60 million from investors in a token sale, only for it to go up in smoke when the team allegedly transferred the pool's liquidity to an unknown wallet address.

This marks the single-largest rug pull in terms of the value stolen and has once again placed the spotlight on the vulnerability of DeFi projects and the prevalence of scams within the crypto domain.

A rug pull is when a project’s creators abruptly transfer the project’s liquidity pool to a private wallet, leaving investors with a worthless asset, in this case the ANKH token.

On-chain analysis firm Arkham Intelligence recently suggested that the attacker still held 7,000 ETH valued at $13 million and has since laundered another 9,500 ETH through the mixer Tornado Cash. This is the latest update in the heated pursuit of the perpetrators by the blockchain security firm Certik.

Worryingly, these scams continue to be an ongoing possibility for crypto enthusiasts who are unaware of the risks of investing in decentralized apps. Furthermore, the ease with which one developer can move funds to any wallet address has revealed a major loophole in the DeFi space, one which needs to be looked at closely by both projects and investors alike.

Today, the crypto community continues to battle a surge in rug pulls, scams and other violations making it acutely clear that the DeFi space needs robust security solutions and risk management tools to ensure that investors are protected, while providing the industry with strong use cases.



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