Azurug DAO

Unfortunately, AzuraDAO just rugged. For those that do not know, AzuraDAO is basically another fork of OlympusDAO on the Solana chain but unlike Invictus that is already running on Solana, they had something different.

They had a NFT launch two weeks ago on 04/12/2021 at a mint price of 1.5SOL and a supply of 2500 for a total of 3750 SOL. The NFT were supposed to boost the APY of stakers when the project launches. This is achieved through the revenue generated through the sale of the NFT alone and also the royalties when the NFT were traded on secondary market. I am not going to lie, this is actually a fantastic idea as a secondary source of revenue generation for the protocol and should be something that can be looked at for other forks.

In addition to the NFT mint, they had their IDO two or three days back and users can go onto the site and were allowed to purchase up to $1500 worth of Azura tokens using SOL instead of any of the any USD-based stablecoins which should had been a red flag for most people as you want the protocol to hold stablecoins to back the value of the Azura token and also generate revenue to support the APY. Additionally, this sale was supposed to be for whitelisted members with a cap of how many tokens you can purchase based on your role in the discord and not the public sale that should happen during the launch of the protocol but for some reason, the website allowed anyone to interact with it which is straight up screaming that it is a scam. Either way, people fell for it and the last recalled amount that they managed to sell their tokens were worth about $570,000 in SOL according to their tweet (which is now deleted). However, I am pretty sure that they managed more than that right before they pulled the plug.

At the time of writing, SOL is trading at about $185 and that brings this rug to about $1,263,750 but realistically it should be a lot higher due to the amount of royalties collected from the NFT sale and through the token sale as well.

They’ve deleted their medium, twitter, discord channel and even their webpage. Sorry for those that were involved in the scam.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store