SudoRare, an NFT exchange, suffers a $800,000 ‘rug pull’ six hours after its launch

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Last Updated on August 23, 2022 by Bitfinsider

SudoRare, a decentralized non-fungible token (NFT) exchange, went offline six hours after it launched on Tuesday, with tokens worth over $800,000 removed from the platform’s wallet address.

According to PeckShield data, the funds have already been transferred to three different wallets. One of the wallets was identified as belonging to a Kraken user by PeckShield.

PeckShield and other commentators speculated that the project’s founders were to blame for its demise. This is because they were the only people who were likely to have access to the pool’s liquidity; the hack occurred very soon after launch; it was an anonymous team, and the team deleted all of the social media accounts and related websites moments after the event. As a result, it was most likely a “rug pull” — an event in which a project’s founders take all the money they can from their own project and abandon it.

The rug pull depleted the NFT exchange platform’s ether (ETH), looksrare (LOOKS), and USD Coin (USDC) tokens. On Uniswap, the LOOKS and USDC tokens have already been exchanged for ETH. The rug pull took 519 ETH ($815,000) from the platform in total.

The rug pull on Tuesday comes just six hours after the NFT platform went live. The platform’s social media accounts and websites, as well as its Medium blog page, have been deactivated. Before the rug pull, there were several Twitter warnings that SudoRare could be a scam project. The anonymous team was mostly blamed for the critics’ suspicions.

SudoRare was intended to be a fork of SudoSwap and LooksRare. Both are NFT exchanges. SudoSwap operates as a decentralized exchange for trading NFTs, with the ability to create liquidity pools for NFT collections. LooksRare is more of a traditional NFT marketplace (similar to OpenSea), but it has its own native token called LOOKS that is used to reward users who buy or sell NFTs on the platform.

SudoRare was supposed to combine these two functions by allowing users to stake SR — the project’s native token — in exchange for ETH trading fees on the platform. That is, until all of the money vanished.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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