The dog-inspired decentralized finance (DeFi) project, AnubisDAO, fell victim to a large-scale cyber attack about 2 years ago. In total, hackers were able to take nearly $60 million worth of Ethereum (ETH) from the platform.
The stolen funds have since been moved
This happened in October 2021, when hackers successfully stole 13,556 ETH. However, some 20 hours after the investment, the funds were sent to a different address, resulting in an immediate loss for the investors.
So now almost 2 years later, between July 15 and 16 of this year, the stolen funds were moved through Tornado Cash. This, in turn, is a decentralized protocol that allows for private transactions. The protocol essentially mixes cryptocurrencies from different sources, making it difficult to track transactions.
The hackers in possession of the 13,556 ETH divided it and then moved the money in transactions of 100 ETH each.
Value of stolen funds dropped significantly
Blockchain researcher PeckShield has also issued a warning that the stolen funds will be moved. It is noteworthy that at the time the 13,556 ETH was worth about $60 million. Currently, the value of ETH is slightly lower than it was then and these funds are worth around $26 million.
While the victims are now seeing their money disappear, some remain optimistic about a highly unlikely scenario of getting their money back once the bear market recovers. As a result, investors are advised to thoroughly research a project and its founders before making an investment.
Losses from the Multichain exploit forced lending protocol Geist Finance to close permanently. The latest message confirms that the team has no plans to reopen lending and borrowing on Geist.
Namely, a related technical complication would make it “impossible” for Geist Finance to re-enable lending, as this would result in bad debt for holders of non-Multichain coins such as Magic Internet Money or Fantom.
