SudoRare, a fork of the popular NFT exchanges SudoSwap and LooksRare, built by an anonymous team, has defrauded users of around $820,000 worth of various crypto tokens.
Key Points
- Immediately after the incident, the anonymous developer of the project deleted the exchange’s website and disappeared from Twitter.
- Blockchain security firm PeckShield has linked one of the attackers’ wallets to cryptocurrency exchange Kraken.
- NFT exchange SudoRare scammed users of around $820,000 in various crypto tokens on Tuesday.
SudoRare went live for just six hours before performing a rug pull and shutting down its website and all affiliated social media accounts.
SudoRare disappeared for $820,000
After multiple warnings that SudoRare may be a scam, a round on Crypto Twitter, the backer behind the decentralized NFT exchange The Anonymous team kicked off the curtain. The theft has defrauded users of around $820,000 worth of ETH and other crypto tokens.
According to on-chain data
, the incident happened early on Tuesday, just about six hours before SudoRare went live. The exchange is a fork of the NFT marketplace LooksRare and sudoswap, run by an anonymous team Should allow users to create liquidity pools for NFT collections and collect fees by staking the project’s native token, SR. Shortly after going live, however, the team “pulled the rug”, the crypto term for stealing funds from users and disappearing without a trace. The platform’s website and Twitter disappeared shortly after the $820,000 was made.
The culprit behind the attack Retreat ~$315,700 in WETH, $200,000 in XMON, and $314,700 worth of LOOKS tokens from the transaction Swap the assets of the former ETH and transfer the funds to three Ethereum wallets. Blockchain security firm PeckShield has tracked down attackers to wallets funded by centralized exchange Kraken. “The actor behind SudoRare rugpull appears to be a @krakenfx user,” the company said on Twitter today, offering proof of on-chain connectivity.
As a regulated U.S. exchange, Kraken complies with know-your-customer requirements, mandating identity checks for all of its customers. This means that the exchange can know at least one person involved in the attack.
Despite repeated warnings on Crypto Twitter that SudoRare may be a scam, the theft happened. “sudo Rare is live, but people are involved in an upgradable contract that points to a fork of Masterchef… don’t see any reason to need an upgradable version of Masterchef as it’s battle-tested… keep it safe as this could be a Scam,” one user noted under Adam on Twitter earlier today. After a few hours, the team pulled back the rug.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies currency.
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