AnubisDAO, a decentralized autonomous organization (DAO), has lost 13.5K ETH after a rug-pull incident. The funds were reportedly washed away on Tornado Cash, a privacy-focused Ethereum mixer.
The incident has raised concerns about the security and transparency of decentralized finance (DeFi) platforms, as well as the need for greater regulation in the space.
The loss of such a large amount of funds highlights the risks associated with investing in DeFi projects, and serves as a reminder for investors to exercise caution when participating in these platforms.
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The illegal monies were sent between July 15 and July 16 using Tornado Cash, a decentralized technology that permits private transactions. According to the snapshot below, the owner of the 13,556 ETH divided and transferred the money using 100 ETH for each transaction.
A handful of the conned investors are still upbeat about the extremely remote possibility of receiving a refund whenever the bear market recovers as they watch their money go into thinair. As a result, before making any investment, investors are recommended to conduct extensive research on a business and its founders.
Moreover, In the first half of 2023, cryptocurrency frauds dropped dramatically, from $3.3 billion to $1.1 billion, according to a recent research by blockchain intelligence company Chainalysis.
The catch is that ransom attacks are once again popular, with perpetrators making 62.4% more money in the first half of 2018 than in the same period in 2022.
Also, due to losses from the Multichain attack, Geist Finance, a lending protocol, had to close operations permanently. The team does not intend to resume lending and borrowing on Geist, according to the most recent post.
Also recently the Australians lost more than $221 million to cryptocurrency scams last year, making them one of the security concerns with the fastest-growing growth, according to the NBA’s statement. Furthermore, the authority said that 40% of Australians would be “extremely willing” to accept slower payments in exchange for being “better protected from scammers.”