A TRADER has revealed he woke up to find he had lost nearly $500,000 on a cryptocurrency scam.

Brian Nyugen admitted he had become a victim after the developers of AnubisDAO – another dog themed cryptocurrency like Shiba Inu – allegedly made off with $60 million of investors’ cash.

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AnubisDAO was another dog themed cryptocurrency

The currency had only been launched last week in the ‘dog coin’ surge that saw Shiba Inu and Dogecoin soar in value.

It instantly attracted investors and raised $60 million but the funds were soon drained from the project’s liquidity pool in what’s known as a ‘rug pull’, Cryptoslate reports.

A liquidity pool are funds thrown together in a digital pile and are used to facilitate decentralised trading.

A rueful Nyugen said he failed to obey the basic principles of crypto investment in what was a “pretty painful experience”.

“We, in crypto, tend to have a ‘buy first, do research later,’ mentality,” he told CNBC.

AnubisDAO began selling its token on Thursday and ended on Friday, during which Nguyen says invested six figures worth of ether.

But on Friday he “unexpectedly woke up” to find his investment had disappeared.

He said the currency appealed to him because it marketed itself in a similar way to like Dogecoin and Shiba Inu.

AnubisDAO had support from a popular crypto influencer called 0xSisyphus, who he respects, and “so, I had some conviction on the buy”.

Hong Kong and US law enforcement are now…

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