Technology

NFT Exchange SudoRare Goes Dark After $820,000 Rug Pull

After numerous warnings that SudoRare could be a scam did the rounds on Crypto Twitter, the anonymous team behind the decentralized NFT exchange has pulled the rug. The theft has defrauded users of about $820,000 worth of ETH and other crypto tokens. According to on-chain data, the incident occurred early Tuesday, only about six hours after SudoRare went live. The exchange, which was spun up as a fork of the NFT marketplaces LooksRare and sudoswap by an anonymous team, was supposed to allow users to create liquidity pools for NFT collections and collect fees by staking the project’s native token SR. However, soon after going live, the team “pulled the rug,” crypto terminology for stealing funds from users and disappearing without a trace. Shortly after making off with the $820,000, the platform’s website and Twitter disappeared.

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