Sunday, May 28, 2023
HomeUncategorizedNFT exchange SudoRare goes black after $820,000 rug pull

NFT exchange SudoRare goes black after $820,000 rug pull

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

      NFT exchange SudoRare scammed users of around $820,000 in various crypto tokens on Tuesday.

    • 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.

    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.

The information on or accessed through this website has been independently obtained from what we believe to be accurate and reliable source, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to update any outdated, incomplete or inaccurate information.

You should not invest in ICOs, IEOs or other investments based on the information on this website decision, nor should any information on this website be interpreted or otherwise relied upon as investment advice. If you are seeking investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not accept compensation of any kind for analysis or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sale, security or commodity.

View full terms and conditions.

LooksRare Dangles Carrot for OpenSea NFT Collectors

LooksRare launches today via airdrop. The goal of the NFT market is to challenge OpenSea. LooksRare targets OpenSea users with a new NFT marketplace looking to topple OpenSea against…


How to Trade on sudoswap, the NFT Market’s Answer to Uniswap

How to trade on sudoswap, NFT market response to Uniswap

Learn how to buy and sell NFTs on Crypto’s first automated NFT market maker. What is sudoswap? sudoswap makes NFT trading easier. Introduced in May 2022, sudoswap is…

NeoNexus team announces withdrawal; immediately accused of pulling the rug


NFTs in the Solana Ecosystem The team behind project NeoNexus has called on the community to take over the project as it “can no longer continue to grow healthily…

NeoNexus Team Calls It Quits; Immediately Accused of Rug Pull



Please enter your comment!
Please enter your name here


Featured NEWS