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Nearly two years after dog-inspired decentralized finance (DeFi) project — AnubisDAO — pulled in about $60 million in ether (ETH), the stolen funds were withdrawn using Tornado Cash.
In October 2021, AnubisDAO raised 13,556 ETH from crypto investors due to the preceding Dogecoin (DOGE) trend. However, about 20 hours after investing, the funds were sent to a different address – resulting in an immediate loss for the investors.
Between July 15 and 16, the illicit funds were transferred via Tornado Cash, a decentralized protocol that allows for private transactions. The person holding 13,556 ETH split and transferred the funds at 100 ETH per transaction, as shown in the screenshot below.
This information was exposed by blockchain explorer Peckshield when 13,556 ETH were worth about $60 million. After almost two years, the amount of stolen funds stood at around 26.2 million at the time of writing.
it looks rugged @AnubisDAO Money is being laundered through @tornadocash pic.twitter.com/mKfSdTE6D9
— PeckShieldAlert (@PeckShieldAlert) 16 July 2023
As defrauded investors watch their money slide into the abyss, some remain optimistic about the highly unlikely chance of getting a refund if the bear market recovers. As a result, investors are advised to do a thorough research about any project and its founders before making any investment.
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Losses from multichain exploitation forced lending protocol Geist Finance to permanently shut down. The latest post confirms that the team has no plans to resume lending and borrowing on Geist.
1/2 After confirmation from Multichain that the funds will not be withdrawn, we are announcing that GIST will not reopen. Because the Chainlink oracles are tracking the value of actual USDC, USDT, WBTC or ETH, they are not aware of the actual value of multichain assets.
— Geist Finance (@GeistFinance) 14 July 2023
A related technical complication has made it “impossible” for Geist Finance to make loans because doing so would result in bad debt for holders of non-multichain coins such as Magic Internet Money (MIM) or Fantom (FTM).
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