Forked NFT project SudoRare rug pulls $800K

Forked NFT project SudoRare rug pulls 800k

SudoRare, an NFT market place forked from Sudoswap and LooksRare, is the latest crypto project to rug pull users, taking over $800k from unsuspecting investors.

The project has taken down their website and deleted all the social media handles associated with it including twitter.

There were many tweets by crypto enthusiasts on Twitter suggesting that the platform was a scam.

SudoRare was an automated market maker (AMM) platform and NFT marketplace, that advertised staking opportunities for Wrapped Ethereum (wETH), $LOOKS, and $XMON.

Six hours after the platform went live, close to 1 million $LOOKS tokens were swapped into 154.5 ETH with another 230.6 LOOKS tokens swapped into $USDC, as confirmed on Etherscan.

519 ETH was moved off the SudoRare platform, totaling a value of $815,000 at press time.

The Funds were moved into three different wallets to drain the funds, they also deactivated anything that was associated with the project in the first place.

Despite the warnings and the numerous ways investors can protect themselves against events like this, the rug took place and a number of investors lost money.

After word of the SudoRare event came to light, SeaCow NFT, another decentralized NFT AMM tweeted out: “This sucks. Do your own research and hold teams to high security and transparency standard.”

Solana’s largest NFT market place, Magic Eden recently introduced a new policy that requires minters to dox themselves to the platform as part of a plan to improve the transparency, security, and credibility of the marketplace.

They rolled out the new policy after two high profile rug pulls that plagued the market place.

What is a rug pull?

A rug pull is a type of scam associated with crypto, where an entity generates hype for a new project to attract investors. After gaining tractions, they then pull out of the project and take users funds.

In most cases the digital assets associated with the project go back to becoming worthless.

The name comes from the expression “pulling the rug out.”

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Audu Buba
Audu Buba
Audu is a journalist passionate about blockchain technology, NFTs, and the metaverse.