After SudoSwap and LooksRare, the NFT SudoRare platform has become the next cryptocurrency scam to disappear with customer funds. All of the project’s social media accounts were also deactivated on Tuesday morning. SudoRare stripped its users of nearly $820,000 in various cryptocurrencies within the first six hours of its launch.
In an effort to escape accountability, the developers of the platform deleted all relevant social media following the “rug pull.” SudoRare is an NFT platform forked from two decentralized NFT marketplaces, SudoSwap and LooksRare. One was popular for its NFT liquidity pools and dirt-cheap gas fees, while the other specialized in handing out rewards to all participants.
Approximately 1 million LOOKS tokens were exchanged for Ethereum in the first six hours of operation. Another 230.6 LOOKS tokens were exchanged for USD coins. Let’s find out what’s going on.
Crypto Twitter was Suspicious from the Start
Crypto Twitter users were vocal in their disdain for SudoRare. On Monday, community member 2shabby tweeted, “Don’t participate unless you want to risk losing your money.” He went on to explain why he believed the platform was a scam, saying, “This team is [anonymous], won’t dox [disclose their identities], and the possibility of this being a scam is high.”
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
Another Twitter user, oxStanec, warned inexperienced beginners that it was likely a scam. The user stated in a tweet, “This is like a 1,000% scam project that noobs will fall for.”
This Is like 1001% scam project that noobs will fall for it. Nature is healing https://t.co/a3u7D0WpCj
— Abundance (@0xStanec) August 23, 2022
#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):
0xbFb784…7EAa https://t.co/mPC4bl4k6W pic.twitter.com/O5D7jThYvm
— PeckShieldAlert (@PeckShieldAlert) August 23, 2022
Kraken: The Crypto Exchange That Might Have the Answers
Kraken, a cryptocurrency exchange, funded one of the wallets used in the attack. According to US regulations, Kraken must collect users’ identification documents before granting them access to their services; it must also record all transactions made by the user. These are known as “Know Your Customer” checks, which may assist authorities in determining the assailant’s true identity.
There are several options available to the regulated cryptocurrency exchange.
- One possibility is that the exchange will reveal the suspect’s identity. However, this is unlikely because, in the past, many similar firms have refused to reveal the true identity of perpetrators who may have used their services to fund wallets associated with criminal activity.
- Kraken is more likely to reveal the assailant’s personal information to concerned law enforcement agencies and no one else.
The exchange’s stance on this is critical in determining how the situation will unfold.
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