With each passing day, the crypto scams are becoming bolder, but the latest NFT rug pull is as brazen as it gets. SudoRare, a platform meant to facilitate NFT transactions, managed to run off with around $815,000 worth of user funds just six hours after launch.
The platform was an iteration, or what is referred to as a fork, of two other decentralized NFT marketplaces called SudoSwap and LooksRare. To put it in the simplest terms, a fork occurs whenever a crypto community alters the nature or protocol of a given blockchain.
Ahead of SudoRare’s launch, several Twitter users in the crypto community were skeptical about the venture, explicitly citing the anonymity of the team behind the new marketplace. Data on Etherscan confirmed the skepticism, revealing two sketchy fund swaps. The developers behind the project effectively drained the pool of user funds (in this case, LOOKS tokens, the native token of LooksRare, an OpenSea fork) for about 154 ETH and 60,865 USDC. Nearly 520 ETH was drained, amounting to about $850K. The SudoRare team then wiped the platform’s online presence.
Original Source: InputMag.com