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to a fork of master chef… Considering how well-tested Masterchef already is, I fail to see the need in upgrading to a newer version of the program.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
Decentral Media, Inc. makes no claim or warranty as to the timeliness, completeness, or accuracy of any material on or accessed through this website, even though such information has been compiled from sources we believe to be accurate and reliable. The folks over at Decentral Media Inc. are not licensed as financial advisors. We do not provide individual recommendations regarding investments or other financial matters. Disclaimer: We reserve the right to make changes to this site and the content at any time. There is a possibility that any or all of the data on this page will become irrelevant, incomplete, or incorrect. We reserve the right, but have no obligation, to correct any out-of-date, incomplete, or incorrect details.
No part of this website should be construed as investing advice, and you should never use it to make a judgment about participating in an initial coin offering (ICO), initial exchange offering (IEO), or any other investment. If you need guidance on investing in an ICO, IEO, or anything else financially related, you should definitely talk to a certified investment advisor or other qualified financial professional. We do not take any kind of payment for reviewing or reporting on initial coin offerings (ICOs), initial exchange offerings (IEOs), cryptocurrencies, fiat currencies, token sales, securities, or commodities.
