Broker Review

Unauthorised Firm Details

Name: AnubisDAO
Website: anubisdao.finance (now defunct)

AnubisDAO was a decentralized finance (DeFi) project that gained attention in October 2021 by raising approximately 13,556 ETH (around $60 million at the time) through a token sale. The project was promoted as a fork of OlympusDAO, leveraging the popularity of dog-themed cryptocurrencies. However, shortly before the sale was scheduled to end, the liquidity pool was drained, and the funds were transferred to an unknown address, leading to the project’s collapse.

The incident is widely considered a classic example of a “rug pull,” where developers abruptly withdraw liquidity, leaving investors with worthless tokens. The project’s website and social media accounts were subsequently deleted, and the team behind AnubisDAO disappeared without a trace.

Bottom line: AnubisDAO is considered a high-risk project due to its sudden collapse and the loss of investor funds. It serves as a cautionary tale in the DeFi space about the importance of due diligence and the risks associated with anonymous teams and unverified projects.

Location & Risk Notes

• Domain & Transparency: The project’s website was taken down following the incident, and there is no verifiable information about the team’s identity or location. The lack of transparency is a significant red flag.

• Trust / Reputation Scores: The project has been widely criticized in the crypto community and is often cited as an example of a rug pull. It has a negative reputation among investors and industry professionals.

• User Reports / Behavior: Investors reported being unable to withdraw their funds, and the project’s social media channels were flooded with complaints. The sudden disappearance of the team and the deletion of online presence further indicate fraudulent intent.

• Promotional / Marketing Tactics: The project utilized social media platforms and influencer marketing to generate hype, despite lacking a functional website or whitepaper. The emphasis on high returns and the use of a popular meme theme were tactics to attract investors quickly.

• Geographic Targeting: The project targeted a global audience, leveraging the widespread interest in meme coins and DeFi projects. The lack of regulatory oversight in many jurisdictions made it easier for the project to operate without scrutiny.

• Practical Advice: Investors should exercise caution when considering investments in projects with anonymous teams, lack of transparency, and unrealistic promises of high returns. It is advisable to conduct thorough research and seek projects with verifiable information and regulatory compliance.