NFT Platform SudoRare Rug Pulled for $850K Hours After Launching

SudoRare – a decentralized non-fungible token (NFT) marketplace – is reportedly the latest crypto project that had rug-pulled its customers.

The project, established earlier today, shut down its operations six hours after launch after it was rug-pulled for 519 ETH (around $850,000 going by current prices).

• The blockchain security company – PeckShield – indicated that the wrongdoers behind the protocol have already sent the drained funds to three different wallets, each receiving 173 ETH.

#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/mPC4bl4k6W pic.twitter.com/O5D7jThYvm

— PeckShieldAlert (@PeckShieldAlert) August 23, 2022

• In a separate announcement, the firm outlined that one of the crypto addresses belongs to a user registered at Kraken.
• Shortly after the events were revealed, the team behind SudoRare deleted all their content from Twitter and the official website, confirming the previous suspicious about the nature of the rug pull.
• Apart from draining 519 ETH (approximately $850,000), the project founders also stole Looksrare (LOOKS) and USD Coin (USDC) tokens.
• It is worth noting that there were numerous warnings that SudoRare could turn out to be a fraudulent scheme. The crypto community alerted that the project had an anonymous team multiple times on Twitter, while the surreal returns the founders promised users were another red flag.