A Crypto Project Raises $60 Million and Loses It Overnight in a Phishing Scam

Anubis - God of Death in Egyptian Mythology

A cryptocurrency project raised $60 million overnight using a dog meme. However, the sum disappeared in a blink of an eye in what may seem like a phishing attack, according to a report Friday.

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The project called AnubisDAO was advertised as a fork of OlympusDAO – a cryptocurrency backed by assets in its treasury according to The Block – a publisher of research and news about digital assets.

Forks can be minor or major upgrades to a network protocol, or the open-source software that runs blockchains. AnubisDAO used the supposedly — god of death in Egyptian mythology – as a theme.

ANKH tokens plummet to $0

Investors supported the update with $60 million worth of Ether as a token sale. The sale was supposed to yield ANKH tokens for investors. Nonetheless, 20 hours into the sale, the liquidity pool that allows investors to exchange the tokens was removed.

Consequently, millions of dollars worth of Ether were transferred to a different address. As a result, ANKH’s price plummeted to zero since there was no liquidity to sell into and the token sale was then removed.