The anonymous team behind the decentralized NFT exchange SudoRare has yanked the rug out from under the cryptocurrency community after repeated concerns that the platform could be a hoax made the rounds on Crypto Twitter. About $820,000 worth of ether and other crypto tokens were stolen.
With $820,000 in the Bank, SudoRare Vanishes
On-chain information suggests the problem happened early on Tuesday, just six hours after SudoRare launched. The exchange, developed by an unknown team as a fork of NFT marketplaces LooksRare and sudoswap, was meant to let users pool their NFT holdings to reduce transaction fees and increase liquidity. Soon after launch, however, the crew “pulled the rug,” crypto jargon for taking users’ assets and departing without a trace. The platform’s website and Twitter account vanished soon after the thieves made off with $820,000.
Three Ethereum wallets were emptied when the attackers withdrew $315,700 in WETH, $200,000 in XMON, and $314,700 in LOOKS tokens from the exchange and converted them to ETH. PeckShield, a blockchain security business, determined that the hacker used a Kraken wallet to make their purchases. It was announced today on Twitter by the company that “the actor behind SudoRare rugpull seems a @krakenfx user,” with on-chain evidence of the connection provided.
Kraken must verify the identities of its clients in accordance with “Know Your Customer” regulations because it is situated in the United States and is subject to U.S. law. Therefore, the possibility exists that the trade was known to at least one person associated with the attack.
Despite numerous warnings on Crypto Twitter that SudoRare might be a scam, the heist nonetheless occurred. “sudo rare is active, but people are staking into an upgradeable contract that leads to a fork of master chef… Considering how well-tested Masterchef already is, I fail to see the need in upgrading to a newer version of the program. Stay vigilant; it might be a hoax, as one Twitter user named Adam warned earlier today. A few hours later, the squad threw down the towe
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