In a significant incident of cryptocurrency theft, AnubisDAO, a decentralized finance project, fell victim to a rug pull, resulting in the loss of approximately $60 million worth of Ether (ETH). Nearly two years later, the stolen funds, amounting to around 13,556 ETH, were recently observed being laundered through Tornado Cash, a decentralized protocol known for facilitating private transactions.
AnubisDAO had initially raised 13,556 ETH from crypto investors during the hype surrounding Dogecoin (DOGE) in October 2021. Sadly, within just 20 hours, the funds were redirected to a different address, leaving investors with an immediate loss.
Between July 15 and 16, the illicitly obtained funds were moved through Tornado Cash in a series of transactions involving approximately 100 ETH each. PeckShield, a blockchain investigator, brought attention to this matter when the value of the stolen funds was estimated at around $60 million. Over time, the stolen funds increased in value to approximately 26.2 million at the time of writing.
While some investors hold onto hope that they may recover their lost funds once the market recovers from its bearish trend, it is advised for individuals to conduct thorough research into a project and its founders before making any investments.
Furthermore, the article mentions another cryptocurrency lending protocol called Geist Finance, which suffered losses from the Multichain exploit, leading to its permanent shutdown. Due to technical complexities and the inability to recover funds, Geist Finance decided against reopening lending and borrowing services. The complication stems from being unable to accurately determine the real value of assets held on Multichain, affecting holders of non-Multichain coins such as Magic Internet Money (MIM) or Fantom (FTM).
As the cryptocurrency landscape continues to evolve, incidents like these highlight the importance of caution and due diligence when participating in decentralized finance projects. Additionally, the use of privacy-focused blockchain protocols, such as Tornado Cash, raises concerns about facilitating illicit activities and money laundering within the crypto space.