SudoRare, an Automatic Market Maker (AMM) protocol for ERC-721 to ERC-20 exchanges, suddenly shut down its social media services and accounts after it reportedly eliminated 519 Ether (ETH), worth approximately $ 815,000.
A crypto community member, sungjae_han, was the first to report a suspicious transaction that drained massive funds from SudoRare using LooksRare (LOOKS) and USD Coin (USDC) tokens.
#PeckShieldAlert #rugpull It seems like @SudoRare sturdy 519 $ ETH (~ $ 815k).
SudoRare has already deleted his social accounts / groups, sweat[.]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) 23 August 2022
A subsequent speech by blockchain investigator Peckshield hinted at the possibility of a small-scale pull pull resulting in the loss of 519 ETH. Reinforcing PeckShield’s suspicions, SudoRare decided to go offline from the internet, eliminating all social media accounts and the main website, sudorare.xyz.
The screenshot below shows that the alleged stolen fund was evenly split and transferred to three different accounts, each of which received 173 ETH.
While investigations into the matter are still ongoing, SudoRare’s demise reminds investors to “do your own research” (DYOR) before investing in projects that generate unrealistic returns.
Related: Ronin hackers transferred stolen funds from ETH to BTC and used sanctioned mixers
A recent attack on Velodrome Finance was traced to one of his team members, Gabagool, who later returned the stolen funds worth $ 350,000.
Gabagool also released a note revealing various events that led him to attempt a theft, which resulted in the loss of funds during the cryptocurrency crash of 2022. He added:
“There’s not much more to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure of what’s going to happen, legally speaking.
Velodrome has yet to take legal action against the crime and has revealed that they are working with the legal counsel to determine next steps.