SudoRare shuts down after $820,000 rug pull


The unknown group that created SudoRare, a fork of the famous NFT exchanges SudoSwap and LooksRare, has scammed consumers out of around $820,000 worth of different cryptocurrencies.

After multiple warnings on Crypto Twitter that SudoRare may be a fraud, the mysterious crew behind the decentralised NFT exchange has pulled the plug. Users have been robbed of around $820,000 worth of ETH and other cryptocurrencies.

According to on-chain statistics, the event happened early on Tuesday morning, just six hours after the launch of SudoRare. The exchange, which was created by an unknown team as a fork of the NFT marketplaces LooksRare and sudoswap, was meant to let users form liquidity pools for NFT collecting and earning fees by staking the project’s native token SR. However, shortly after being online, the crew “pulled the rug”, which is crypto jargon for taking customer cash and vanishing without a trace. Shortly after stealing $820,000, the platform’s website and Twitter account vanished.

The attackers removed around $315,700 in WETH, $200,000 in XMON, and $314,700 in LOOKS tokens from the exchange before exchanging the assets for ETH and transferring the proceeds to three Ethereum wallets. PeckShield, a blockchain security company, has linked the attacker to a Kraken-funded wallet. “It seems that the actor behind the SudoRare rugpull is a user of @krakenfx,” the company tweeted today, presenting on-chain proof of the link.

As a regulated U.S.-based exchange, Kraken is subject to “Know Your Customer” regulations that require all of its clients to pass identity checks. This indicates that at least one individual associated with the assault may be known to the exchange.

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