SudoRare Developers Disappear With 519 ETH

  • Blockchain data shows that SudoRare’s developers had emptied the project’s LOOKS liquidity pool only six hours after it was launched.
  • The people behind the project have already deleted SudoRare’s website and social media accounts, taking off with around 519 ETH.
rug pull

Shutterstock

Non-fungible token (NFT) platform SudoRare has shut down its services and deleted its social media accounts in an apparent rug pull, blockchain investigator PeckShield reported on 23 August.

According to the announcement, the developers behind SudoRare took off with around 519 ether (ETH), or roughly $815,000, which have already been transferred to 3 new addresses, 173 ETH each. The rug pull claim is further supported by the fact that the NFT platform has since shut down its services, and also deleted its main website (sudorare.xyz) and social media accounts.

Prior to the incident, several users had issued warnings on Twitter against the project, pointing to its tokenomics, fake online followers, and high yield promises. SudoRare was a fork of NFT marketplaces SudoSwap and LooksRare — both of which had gained popularity over the past year — that offered yield farm to users who staked their LOOKS, XMON, and wETH tokens for its own over one week.

Blockchain data shows that SudoRare’s developers emptied the project’s LOOKS liquidity pool only six hours after it was launched, exchanged all of the tokens for ETH, and disappeared with roughly $815,000. This incident should remind investors to do their own research before investing in crypto projects, especially if they promise unrealistic returns.

Discussion
Related Coverage
Beanstalk Farms Loses $182M Following Exploit
  • A flash loan allowed the attacker to obtain enough Beanstalk governance tokens to pass two proposals, enabling him to drain the protocol’s funds.
  • The malicious entity was able to steal 24,830 ETH and 36 million BEAN tokens, which were then laundered through TornadoCash.
April 18, 2022, 4:17 PM
beanstalk farms

Shutterstock

DoJ Cracks Down on $1.1M NFT Rug Pull
  • The founders of NFT project “Frosties”, Ethan Nguyen and Andre Llacuna, were arrested on Thursday and charged for fraud and money laundering.
  • The two individuals, who took off with $1.1 million in January, were preparing to hold another alleged NFT rug pull later this year.
Scammers Steal $65,000 As YouTube Search Results Recommend Fake Apple Event Video
  • The scammer impersonated Apple, taking advantage of the highly anticipated October 18 event by the company.
  • No BTC was stolen, but more than 17 Ethereum were swindled out of their three owners.