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Turning Point of AnubisDAO’s Downfall
Almost two years ago, AnubisDAO, a decentralized finance (DeFi) venture that took inspiration from the Dogecoin trend, was abruptly scammed. A massive amount of Ether (ETH) close to $60 million was brazenly pilfered and recently, it has been discovered that the fraudsters utilized Tornado Cash to drain away the stolen wealth.
Circumstances Surrounding The Heist
In the peak period of the predated Dogecoin wave in October 2021, AnubisDAO successfully garnered 13,556 ETH from avid crypto enthusiasts. Unfortunately, within the first day of the investment, the money was stealthily transferred to a different address, causing the investors to sustain immediate losses.
Tracing the Illicitly Acquired Funds
Fast forward to the middle of July, between the 15th and 16th, a flurry of private transactions was noticed. The operators of the 13,556 ETH cleverly split the money and transferred it in 100 ETH segments through Tornado Cash, a platform specialized in facilitating anonymous transactions.
Blockchain intelligence firm PeckShield was quick to detect and notify the anomalies when the stolen ETH was valued at nearly $60 million. As per the current market value, the misappropriated funds amount close to $26.2 million.
Investor Hope amid Deception
As the swindled investors witness the money disappear gradually, some continue to harbor a faint hope. They anticipate an improbable refund eventuality once the bear market bounces back. Consequently, investors are continuously reminded to exercise due diligence while investing, primarily focusing on a project's authenticity and the credibility of its founders.
Repercussions of Multichain Exploit
The fallout from the Multichain exploit was so devastating that Geist Finance had no option than to close down permanently. As per the most recent updates, the company does not foresee resuming its lending and borrowing activities.
A related technical issue makes it futile for Geist Finance to reactivate lending. Reinstatement of their lending operation would inadvertently lead to further financial losses to holders who own non-Multichain tokens such as Magic Internet Money (MIM) and Fantom (FTM).
