The developers of the decentralised non-fungible token exchange SudoRare implemented a rug pull scheme. They withdrew the assets, took the project site offline, and deleted social-media accounts.
#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):
0x75c3b2…3981
0x0498d1…8074
0xbFb784…7EAa https://t.co/mPC4bl4k6W pic.twitter.com/O5D7jThYvm— PeckShieldAlert (@PeckShieldAlert) August 23, 2022
According to PeckShield, the loss amounted to 519 ETH (roughly $815,000).
Assets in LookRare (LOOKS) and the stablecoin USD Coin (USDC) were swapped for ether on Uniswap.
The entire amount was distributed across three wallets in equal shares (173 ETH each). Experts identified one address as belonging to a Kraken user.
The incident occurred hours after the platform’s launch and sparked a wave of commentary. Some users recalled that the community had discussed the risk of fraud by an anonymous team and voiced corresponding concerns.
that WAS quck — was just talking about it this morning lol
— noctemn (@0xNoctemn) August 23, 2022
As reported in early August, a gaming project Dragoma on the Polygon network fell victim to a similar scheme. The loss amounted to approximately $3.5 million.
In 2021, rug pulls accounted for more than a third of $7.7 billion in cryptocurrencies stolen from users, according to Chainalysis.
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