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Investor loses $ 470,000 in DeFi scam



Brian Nguyen, a crypto investor, lost nearly $ 470,000 last Friday after investing the money in a dubious crypto project called AnubisDAO. This turned out to be a fraud.

The investor was speechless when he "woke up unexpectedly" and found that the money had dissolved in the air. “It's pretty painful,” he says.

But Nguyen blames himself for the loss and admits that he didn't thoroughly examine the crypto project before investing his money. “We tend to have a 'buy first, research then' mentality in the crypto industry”.

It is still unclear what happened to the crypto project. But it appears that AnubisDAO raked in nearly $ 60 million after selling the crypto token (ANKH).

Was it not a scam but a phishing attack?

A DAO (or decentralized autonomous organization) runs on blockchain technology. It can be broadly defined as an online community with a common bank account.

Cooper Turley, a DAO architect, and investor, says that while Anubis posed as a DAO, the details of the project's purpose were unclear.

Nguyen and many others have invested in this dubious crypto project. The $ 60 million investment was then transferred and later disappeared.

Some believe it was a phishing attack. Others believe that AnubisDAO was just a rug pull. In other words, a crypto scam where developers set up a crypto project and then run away. Investors are getting rid of their investments.

Whatever the case, whoever invested in AnubisDAO has run out of money

The project "was tempting"

Nguyen says he invested in AnubisDAO because the offer looked tempting. He adds that he was also impressed by the marketing of the project.

In his opinion, AnubisDAO had all the hallmarks of a real crypto project, including marketing. Incidentally, this was similar to other dog-inspired cryptocurrencies. 

Since the crypto tokens were sold on a renowned crowdfunding platform Copper Launch, AnubisDAO was serious enough for Nguyen to invest in the project.

Nguyen was even more convinced to buy the token than @ 0xSisyphus - a well-known anonymous crypto influencer whom Nguyen worships - promoted AnubisDAO.

So the investor had a certain degree of conviction in favor of the purchase - much to his regret.

Before the incident, @ 0xSisyphus tweeted about the sale of AnubisDAO. On Friday he tweeted again that the crypto project was "clearly compromised". In other words, he distanced himself from the whole situation.

The crypto influencer has since put a $ 4 million bounty on anyone who provides information on the money that has gone missing.

As more people started tweeting and sharing their money loss stories on Reddit, AnubisDAO tweeted that it was a mistake by Cooper Launch. However, the platform denied the claims and threw the ball back at AnubisDAO.

It is not uncommon for investors to lose money on such crypto projects. If it is a scam or a phishing attack, investors are unlikely to ever see their money again.

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