SudoRare Gone With The Wind, Rugs $800K 6 Hours After Launch

Joel Zhao
August 24, 2022
3 mins read

Just 8 hours into their launch, SudoRare was drained of 519ETH, which at that time of exploit, amounted to US$815,000 from the platform.

SudoRare was supposed to be a combined fork of SudoSwap and LooksRare. Both are NFT marketplaces. SudoSwap functions as a decentralized exchange for trading NFTs, one that allows for the creation of liquidity pools for NFT collections.

LooksRare is more of a standard NFT marketplace (like OpenSea) but it has a native token called LOOKS used for rewarding users who buy or sell NFTs on the platform.

SudoRare was supposed to combine these two functions, allowing users to stake SR to earn ETH trading fees on the platform. That was until all the money disappeared.

There were warnings from the crypto community on the dangers of SudoRare. Were you blinding chasing again?

🚨 WARNING THREAD 🚨

DON'T PARTICIPATE UNLESS YOU WANT TO TAKE THE RISK OF LOSING YOUR MONEY. THIS TEAM IS ANON, WON'T DOXX AND THE POSSIBILITY OF THIS BEING A SCAM IS HIGH.

Everything I share must be checked by yourself. I'm not giving financial advice or tell you to jump in. https://t.co/snrQnK6cYQ
— Shabby 🦇🔊 (@2shabby) August 22, 2022

The “rug”

Data from PeckShield show the funds have already been sent to three different wallets. PeckShield has identified one of the wallets as belonging to a user of crypto exchange Kraken.

The actor behind @SudoRare rugpull seems a @krakenfx user: https://t.co/fvpulzG2Ea https://t.co/tBErYewidB https://t.co/WLCEXsnvVp pic.twitter.com/zRZqfsvlli
— PeckShield Inc. (@peckshield) August 23, 2022

Peckshield also speculated that the founders of the project were behind its collapse. The hack happened very shortly after its launch and the SudoRare team was anonymous. Sus.

Since then, the team deleted all of the social media accounts and related websites moments after the event, potentially a rug pull.

On Twitter