SudoRare suddenly shut down its services after reportedly making away with 519 Ether
SudoRare, an automated market maker (AMM) protocol that swaps ERC-721 to ERC-20, has abruptly shut down services and social media accounts after allegedly draining 519 Ether, worth about 815,000 USD.
SudoRare AMM protocol “logs out” from the Internet with 519 ETH
Crypto community member, sungjae_han, was the first to point out SudoRare’s suspicious behavior before they ran away with 519 Ether. Accordingly, he discovered a suspicious transaction that drained funds from SudoRare using LooksRare (LOOKS) and USD Coin (USDC).
Later, Peckshield claimed that the project had a small-scale rug pull with a loss of 519 ETH. Not only did not speak out to remove suspicions, but SudoRare also decided to go offline, disappear from the Internet, and delete all social networking accounts and even the official website sudorare.xyz.
The following screenshot shows how the allegedly stolen funds were split evenly and transferred to three different accounts, each of which received 173 ETH.
The stolen funds were transferred to three different accounts | Source: PeckShield
SudoRare is currently under investigation for this matter, but their disappearance serves as a wake-up call for investors to do their own research before investing in projects that offer unrealistic returns.
Previously, the DeFi community was buzzing about the case of losing Velodrome’s funds when a member arbitrarily caused it. This person was rejected by the project and apologized for his mistake. To date, Velodrome has not conducted any formal legal proceedings, although it has been revealed that it will urgently work with legal counsel for the next steps.
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