Brian Nguyen loses $470,000 on AnubisDAO

Head athletic trainer of the Los Angeles Avengers Brian Nguyen’s has lost $470,000 investing in dog-inspired DeFi project AnubisDAO.

With the craze for “meme coins” not subsiding at all, Nguyen’s story may serve as a warning for over-zealous investors who are willing to put big money down on cryptocurrencies, such as Dogecoin and Shiba Inu in a bid to secure a quick and generous return on investment.

Speaking to CNBC last week, Ngyuen admitted that he had hardly done any due diligence about the project, leading to the unfortunate event, chalking it up to the way crypto investors tend to jump in on new opportunities. “We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” Nguyen told CNBC.

The AnubisDAO, the project which may have fooled Nguyen and many other investors, managed to raise $60m with the sale of its dedicated token, ANKH.

The entirety of the $60m in funds was transferred and went missing, leaving consumers’ enthusiasm dampened. The $60m were raised in just a day with the sale going live on Thursday and ending on Friday last week.

When people started spreading the news that the AnubisDAO funds were gone, Anubis offered a brief explanation on Twitter, blaming it to an “unforeseen error with Copper”, which Copper denied.

Anubis has not responded to investors’ pleas nor media inquiries and has disappeared with the official Twitter account remaining silent.

While this example should serve as a warning to investors, it’s also not too uncommon. Big sales of fresh tokens do happen and some prove to be scams. If you want to stay safe, make sure to only stick with reputable projects and don’t ever cave in the fear of missing out.

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Updated: 11/01/2021 — 14:00