NFT Exchange SudoRare Goes Dark After $820,000 Rug Pull

Key Takeaways
Tuesday, the NFT exchange SudoRare defrauded users of approximately $820,000 in various crypto tokens.
Instantaneously following the incident, the project’s anonymous developers deleted the exchange’s website and vanished from Twitter.

One of the attackers’ wallets has been linked by the blockchain security company PeckShield to the cryptocurrency exchange Kraken.

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SudoRare’s website and all associated social media accounts were only live for six hours before the company decided to pull the plug.

With $820,000, SudoRare vanishes.

After numerous warnings on Crypto Twitter that SudoRare may be a scam, the anonymous team behind the decentralized NFT exchange has pulled the plug. Users have been defrauded of approximately $820,000 worth of ETH and other cryptocurrencies.

According to on-chain data, the incident occurred early on Tuesday morning, approximately six hours after the launch of SudoRare. The exchange, which was created by an anonymous team as a fork of the NFT marketplaces LooksRare and sudoswap, was meant to enable users to create liquidity pools for NFT collections and collect fees by staking the project’s native token SR. However, shortly after going live, the team “pulled the rug”, which is crypto jargon for stealing user funds and vanishing without a trace. Shortly after stealing $820,000, the platform’s website and Twitter account vanished.

The attackers withdrew approximately $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 funds to three Ethereum wallets. PeckShield, a blockchain security company, has linked the attacker to a Kraken-funded wallet. “It appears that the actor behind the SudoRare rugpull is a user of @krakenfx,” the company tweeted today, providing on-chain evidence of the connection.

Kraken must verify the identities of its customers in accordance with “Know Your Customer” regulations because it is based in the United States. This indicates that at least one person associated with the attack may be known to the exchange.

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Despite multiple warnings on Crypto Twitter that SudoRare could be a scam, the theft occurred. “Sudo rare is active, but people are betting on an upgradeable contract that points to a master chef fork… Not sure why there would be a need for an upgradable version of Masterchef, seeing as how the current version has stood the test of time. “Be careful, as this could be a scam,” a Twitter user identified as Adam warned earlier today. A few hours later, the team pulled the rug out from under the situation.

The author of this article owned ETH and several other cryptocurrencies at the time of publication.

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