On Tuesday, NFT exchange SudoRare defrauded users of around $820,000 in different crypto currencies. Prior to pulling the rug and shutting down its website and its associated social media profiles, SudoRare had only been operational for six hours.
Before erasing the project’s online presence on Tuesday, the creators of the non-fungible token (NFT) platform Sudorare made off with customers’ cryptocurrencies totaling $820,000.
Sudorare is a fork of LooksRare (LOOKS), another decentralized NFT marketplace that pays users for using the service, and SudoSwap, a decentralized NFT marketplace renowned for its NFT liquidity pools and lower gas prices. In the past year, both projects have become more well-known in the cryptocurrency community.
Users who staked LOOKs, XMON, and wETH for Sudorare’s own tokens over the course of a week were given access to a yield farm.
On-chain data indicates that the incident happened early on Tuesday, just six hours after SudoRare went live. The exchange, which was created by an unidentified team as a fork of the NFT marketplaces LooksRare and sudoswap, was designed to let users build liquidity pools for NFT collections and earn fees by staking the project’s native token SR. But shortly after going live, the team “pulled the rug.” The website and Twitter account for the platform vanished shortly after.
“Sudo rare is live but ppl staking into an upgradeable contract that points to a fork of master chef… Can’t see any reason to need an upgradeable version of Masterchef as it’s really battle tested already… stay safe as could be a scam,” one user going under Adam pointed out on Twitter earlier today.
Data from the on-chain forensics platform PeckShield reveals that the money has already been transferred to three separate wallets.
#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/mPC4bl4k6Wpic.twitter.com/O5D7jThYvm— PeckShieldAlert (@PeckShieldAlert) August 23, 2022
PeckShield and other observers made the assumption that the project’s founders were responsible for its demise. This is due to the fact that, given how soon after launch the hack occurred, they were the only ones who were probably to have access to the liquidity in the pool.
BTC/USD trades at $21k. Source: TradingView
The firm announced later that one of the crypto addresses belonged to a user who has an account with Kraken.
Kraken must conduct mandatory identification checks on each of its customers in accordance with “Know Your Customer” regulations because it operates as a regulated U.S. exchange. That implies that at least one individual connected to the attack may have been familiar with the exchange.
Featured image from iStockPhotos, chart from TradingView.com
Youtube's new feature allows creators to use AI to remix songs, offering fresh takes with popular artists' voices. This tool, still in testing, highlights the growing role of AI in music and ensures proper attribution to original creators.
AnaisMeta has reduced the prices of its ad-free subscriptions for Facebook and Instagram in the EU by up to 40%, following regulatory pressure. It has also introduced a new "less personalised" ad option for users who prefer to access the platforms for free.
AnaisPresident-elect Donald Trump announced Tuesday that Tesla CEO Elon Musk and Strive co-founder Vivek Ramaswamy will lead the newly created D.O.G.E, focused on reducing bureaucracy, cutting costs, and streamlining government operations.
KikyoBinance Founder CZ playfully mocks “Bitcoin is Dead” critics as Bitcoin hits a new all-time high, underscoring the cryptocurrency’s resilience and defying those who doubted its longevity.
CatherineA massive cryptocurrency scam in South Korea led to the arrest of 215 people, including a YouTuber who used his platform to promote fake investment schemes. The scam, which targeted over 15,000 investors, defrauded them of around $230 million by selling worthless crypto assets and making false promises of high returns.
JoyA phishing attack on a cryptocurrency investor led to the theft of 95.3 million GIGA tokens, worth over $6 million, through a fake Zoom link. The hacker quickly sold the stolen tokens, converted them into Solana and stablecoins, and moved the funds to obscure wallets, while the investor is now working with law enforcement to recover the assets.
WeatherlyThe FBI has reportedly seized Polymarket CEO Shayne Coplan’s devices, possibly tied to the platform’s prediction of Trump’s election victory. While no charges have been filed, sources suggest market manipulation is under investigation. Meanwhile, France’s gambling regulator may block Polymarket’s operations. Is this the beginning of the end for the decentralised betting platform?
CatherineAmidst his election victory and staff appointments, President-elect Trump is capitalising on the Dogecoin trend by selling DOGE merchandise. This move highlights his continued business instincts, even in politics, as Dogecoin enjoys a steady rally.
KikyoCoinbase Wallet’s upcoming “tap-to-pay” feature aims to rival quick-pay apps like Venmo and Cash App, with a goal to reach 50 countries by 2025. Additionally, Coinbase’s Base network is working to solve Ethereum layer 2 interoperability, which could allow seamless transfers across multiple chains within six months.
WeatherlyThe Free Republic of Liberland has launched its space programme, aiming to lead in technological innovation and global collaboration through an open platform for nations and private entities, free from bureaucratic constraints.
Catherine