In an all-too-common occurrence within the NFT sector, the words ‘rug’ and ‘pull’ have found themselves once again intertwined. This latest occurrence, seeing the inherently dubious SudoRare platform waste no time in making off with user’s funds.
Earlier in the month, news began to circulate regarding the arrival of the SudoRare platform. An apparent ‘fork’ of the two popular and unconnected NFT platforms, SudoSwap and LooksRare. Essentially, promising to provide lucrative rewards to those staking $LOOKS, $WETH, and $XMON on its platform, as well as incorporating an NFT marketplace.
However, in a move that seemed inevitable to many Twitter users, SudoRare waited a mere 6 hours before syphoning off the funds, shutting down its online presence, and making off with the ill-gotten gains. When the dust had settled, and the full extent of the theft realized, 519 ETH ($800k) had disappeared down the SudoRare black hole.
#PeckShieldAlert #rugpull Seems like @SudoRare rugged 519 $ETH (~$815k).
SudoRare already deleted its social accounts/groups, sudorare[.]xyz is down
Stole funds already transferred to 3 new addresses (173 $ETH/address):
0xbFb784…7EAa https://t.co/mPC4bl4k6W pic.twitter.com/O5D7jThYvm
— PeckShieldAlert (@PeckShieldAlert) August 23, 2022
Prior to the unspeakable actions, alarm bells had already begun ringing within social media circles. With several users warning of SudoRare’s rug pull potential due to its insistent anonymity. A move that likely reduced the impact of the scam, and forced the SudoRare team to jump ship early.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Decentralised human, Explorer, Adventurer.