$470,000 Lost on a Dog-Motivated DeFi project by This cryptocurrency investor

$470,000 Lost on a Dog-Motivated DeFi project by This cryptocurrency investor

DEFI SCAM OR NOT? READ HOW AN INVESTOR LOST HIS MONEY BELOW:

According to CNBC MAKE IT, a crypto investor by the name Brian Nguyen has  “unexpectedly woke up” on Friday to notice that nearly $470,000  has been lost from what he had invested in a crypto project.

It’s “so painful,” Nguyen says.

 Brian  Nguyen reveals that he never investigated this particular project properly before investing in it. “We like to possess a mentality of ‘buy first, and do investigation later,” he says.

It is totally not unclear what precisely happened with the project that Brian Nguyen have invested in.

It seems that the project, named AnubisDAO, generated about $60 million by selling its token, ANKH.

Based on Brian Nguyen story and stories from other people who alleged they invested in AnubisDAO, the whole of the $60 million in funds has been transferred and all of it disappeared.

AnubisDAO began its token sale on Thursday and ended it on Friday, and it was this time that Nguyen invested ether worth of six figures, according to Brian story. ( although CryptoTrade247 has not been able to independently verify the investment is associated with Nguyen’s name.)

Even though Brian was not involved with the development of the project and had little knowledge about it, Brian said AnubisDAO was looking legit to him because AnubisDAO sold itself in a way related to previous dog-inspired cryptos like shiba inu or dogecoin, which have grown in popularity of recent.

 Brian Nguyen  said some legitimacy was also added to this project because The sale happened on Copper Launch, a popularly known crowdfunding mechanism.

According to Nguyen, he gathered that AnubisDAO is being endorsed by a famous, pseudonymous cryptocurrency influencer named 0xSisyphus, of whom Nguyen has so much respect for.

“So, I had some confidence on the buy.” according to Nguyen

0xSisyphus did tweeted regarding the AnubisDAO and also tweeted about AnubisDAO token sale prior to this incident. However, 0xSisyphus later tweeted on that same Friday that the account’s namesake of the 0xSisyphus  was compromised which implies that 0xSisyphusdid did not have any part in the AnubisDAO saga.

0xSisyphus has also sent out a tweet since about offering a 1,000 ether (which is roughly $4 million) reward to help locate the lost funds.

When people began posting and discussing losing their investment on Reddit, the AnubisDAO sent out a tweet that this issue was because of an “unforeseen error”   on Copper Launch

Meanwhile, Copper Launch responded to AnubisDAO tweet which said Copper Launch wasn’t compromised, “but the AnubisDAO team appears to have jeopardised their admin keys,”.

Moreover, Copper Launch sent out a tweet following this incident that anybody can use its crowdfunding platform, emphasising that a launch on its crowdfunding platform shouldn’t be seen as an endorsement of a project. 

Regrettably, losing funds in these kinds of crypto ventures is not new. And If this is a phishing attack or a scam, it’s very doubtful money will be returned, although this is not impossible.

This is the reason why crypto experts ordinarily consider cryptocurrency investment to be highly risky, speculative investment and volatile. When investments involve DeFi or decentralized finance, tokens or applications, specialists in crypto often recommend you to only invest what you can afford to part with.

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