Rumored Rugpull as SudoRare Closes Services, Makes off With 519 ETH

Speculations of a rug pull have begun circulating after SudoRare, an AMM protocol for ERC-721s to ERC-20 swaps unexpectedly stopped running. The platform’s social media accounts are no longer active and the founders appear to have carted off 519 Ethereum tokens, about 519 ETH, about $815K.

SudoRare Wallet Drained, Social Media Goes Offline

Crypto analyst @sungjae_han first sounded the alarm via a tweet this morning.  The post pointed out a strange transaction on SudoRare’s etherscan data. Using LooksRare (LOOKS) and USDC tokens, someone had withdrawn significant funds from the platform’s wallet.  

Sungjae_han alleged further down that whoever was responsible had begun selling the assets on Uniswap.

Seems like sudorare rugged for 800k,” the tweet read.

Blockchain security and data analysis company Peckshield later weighed in on the situation. In their report, the firm noted that users may have been rugged as SudoRare had deactivated its social accounts. The team had taken all community forums offline as well as the platform’s official website 

3 Separate Wallets Receive the SudoRare Funds 

Peckshield stated that the funds had entered 3 new wallet addresses. The post included a screenshot that showed that equal portions of the missing funds had gone to the various accounts. That is, they received 173 ETH respectively. 

At the moment, investigations into the situation are still active. Interestingly, this comes shortly after trading and liquidity platform Velodrome Finance recovered the funds it lost during a recent hack. An investigation revealed that team member Gabagool was behind the attack and had attempted to make off with assets worth $350K.

Gabagool admitted to the claims and later explained what prompted the theft citing 2022’s crypto slump. Velodrome hasn’t pressed charges just yet, however, they are working with their legal team to decide on what to do next. 

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