Gambling Over NFTs Are Increasing
  • About $820,000 worth of ether and other cryptocurrencies were taken in the incident.
  • The platform’s website and Twitter page vanished soon after the heist.

Many users on Crypto Twitter expressed concern that SudoRare was a fraud, and now the exchange’s developers have apparently pulled the plug. About $820,000 worth of ether and other cryptocurrencies were taken in the incident.

On-chain data suggests the issue happened early on Tuesday, only six hours after SudoRare launched. An anonymous team created the exchange as a fork of the NFT marketplaces LooksRare and Sudoswap so that users may pool their NFT holdings and earn fees by staking the project’s native token, SR. Nonetheless, not long after launch, the crew “pulled the rug,” crypto jargon for taking customers’ assets and departing without a trace. The platform’s website and Twitter page vanished soon after the heist, leaving behind just a trail of $820,000 in funds.

Daring Heist Despite Warnings

Three Ethereum wallets were emptied when the attackers took $315,700 in WETH, $200,000 in XMON, and $314,700 in LOOKS tokens from the exchange and converted them to ETH. PeckShield, a blockchain security company, has identified the attacker and linked them to a Kraken wallet. The company made the claim on Twitter today, citing on-chain proof, that “the actor behind SudoRare rugpull seems a @krakenfx user.”

Kraken is required to do “Know Your Customer” identity checks on all of its users since it is a regulated U.S.-based exchange. In spite of several warnings on Crypto Twitter that SudoRare may be a fraud, the crime nevertheless happened. One must admit, it’s been a daring heist. Just six hours after launching, SudoRare executed rug pull with its website and all associated social media accounts gone.

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