THE DAILY ENCRYPT

October 3, 2022

Rugpull? NFT Project SudoRare Vanishes With Over $800K of Ethereum

Despite warnings from Crypto Twitter, SudoRare, a NFT project, has vanished from social media, along with more $800,000....
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Despite warnings from Crypto Twitter, SudoRare, a NFT project, has vanished from social media, along with more $800,000. SudoRare is an NFTplatform which forked from LooksRare and SudoSwap. It’s the latest crypto project that uses users’ funds. It also deleted all its social media accounts on Tuesday morning.

Many Crypto Twitter users were skeptical of SudoRare, with 2shabby tweeting Monday that SudoRare could be scam. “Don’t take the chance of losing your money,” he said. This team is anonymous, won’t dox [disclose your identities], and there is a high chance of it being a scam.”

Another Twitter user, 0xStanec, had high suspicion and stated, “This is like a 1,001% fraud project that noobs would fall for.”

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SudoRare was an NFT marketplace and automated market maker platform. It offered advertising staking opportunities in assets such as Wrapped Ethereum, LOOKS and XMON. LOOKS is the native token of LooksRare. It’s , a fork from the most popular NFT marketplace OpenSea.

Six hours after the live launch, nearly 1 million LOOKS tokens had been converted into 154.5 Ethereum and another 230.6 tokens into USD Coin ( USDC), verified on Etherscan.

The 519 Ethereum tokens were then removed from the platform. They were valued at $815,000 as of the writing.

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To drain the funds, funds were sent to three addresses, with no trace of the project, according PeckShieldAlert.

Despite the anonymity inherent in the industry, both platforms and investors have options to protect their assets.

Magic Eden, Solana’s NFT marketplace for Telecommunications (NFT), introduced a policy that requires minters to dox their to the platform in an improvement plan following two high-profile rug pulls.

posted in response to the Sudorare incident. said “This sucks.” Do your research and insist on transparency and high security standards for teams.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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