Adding to the growing list of exploits, SudoRare developers have shut down operations after withdrawing $815,000 (519 ETH) from the AMM protocol.<\/p>\n
A Twitter user Sungjae<\/a> flagged the rug pull after 173 ETH was transferred to 3 wallet addresses each. In a follow-up tweet,<\/a> security firm PeckShield confirmed the rug pull and highlighted that the team had deleted all communications channels.<\/p>\n #PeckShieldAlert<\/a> #rugpull<\/a> Seems like @SudoRare<\/a> rugged 519 $ETH<\/a> (~$815k). \u2014 PeckShieldAlert (@PeckShieldAlert) August 23, 2022<\/a><\/p><\/blockquote>\n The developers withdrew over 1 million LOOKS\u00a0 from the LooksRare liquidity pool and swapped them for 154 ETHand 60,000 USDC.<\/p>\n SudoRare attracted as much as $815,000 in its liquidity pool given it offered investors high-yield opportunity.\u00a0 Users who took the bait, could not reap their yield as the protocol disappeared in just six days of launch.<\/p>\n Its been an unfortunate precedent for the crypto market, as each week records another rug pull using similar tactics.<\/p>\n CryptoSlate<\/em><\/a> earlier covered that Blur Finance<\/a> developers exited the project with over $600,000 withdrawn from its Polygon and BNB Chain contracts.<\/p>\n Security firm PeckShield also flagged a rug pull of over $1 million<\/a> by Dragoma developers. They milked the Polygon contract of $420,000 USDT and 880,000 MATIC tokens<\/p>\n A recent study<\/a> by cybersecurity company Hacken<\/a> revealed that 87 hacks, exploit, and scams contributed to the web3 space recording a loss of over $1,4 billion between January and May 2022.<\/p>\n\n
\nSudoRare already deleted its social accounts\/groups, sudorare[.]xyz is down
\nStole funds already transferred to 3 new addresses (173 $ETH<\/a>\/address):
\n0x75c3b2…3981
\n0x0498d1…8074
\n0xbFb784…7EAa https:\/\/t.co\/mPC4bl4k6W<\/a> pic.twitter.com\/O5D7jThYvm<\/a><\/p>\nOne week, one rug pull<\/h2>\n
Crypto Scams on the rise<\/h2>\n