Only a few hours after its official launch, the non-fungible token (NFTs) marketplace SudoRare turned out to be a rugpull. The anonymous project team took off with over $800,000 stolen from its users.
SudoRare scams $800,000 in six hours
Neither the bear market nor the summer vacations are likely to stop scammers. SudoRare, a platform for buying non-fungible tokens (NFTs), completely evaporated on Tuesday, just hours after its launch.
First described as a potential attack targeted by Internet users, the truth quickly came out. It was indeed the project team that engineered the scam, allowing them to walk away with over $800,000 in assets belonging to their users.
There are several reasons for this. First, all of the project’s social networks have been disabled or deleted. Likewise, the website is no longer accessible either. Secondly, the hacking took place only six hours after the launch. Finally, the team had absolutely wished to remain anonymous.
According to information from PeckShield, the funds have already been transferred to three different wallets, one of which is potentially traceable as it is linked to a Kraken account. The assets involved in the theft were Ether (ETH), LooksRare (LOOKS) and USDC.
SudoRare was supposed to be a mix between SudoSwap and LooksRare. Both protocols are decentralized NFT buying platforms but have different functionalities. The first one allows the creation of liquidity pools for NFT collections while the second one is a classic marketplace, with its LOOKS token to reward users.
Finally, SudoRare had to combine these two aspects. The idea was to allow users to hold SR, the project’s native token, in order to recoup some of the platform’s transaction fees. However, this would have been the case if the project had kept its promises.
