SudoRare, an NFTplatform branched from SudoSwap and LooksRare, is the latest cryptocurrency project to steal users' money. On Tuesday morning, the project also deactivated all of its social media platforms.

The platform took off with 519 $ETH, which was then valued at US$815,000, as per PeckShield Inc., a blockchain security and data analytics firm, with funds moved to three new addresses.

PeckShield, a Twitter user who has been exploring the SudoRare rug pull, announced that they believe a Kraken exchange user actually does it. Their evidence? Funds are being transferred into their account and dives from other users on Kraken.

On August 21, an Ethereum wallet 0x814 was funded by a Kraken user, according to Etherscan data. That wallet then sent 0.28 ETH to the 0xbb4 Account.

Many Crypto Twitter users were suspicious, with 2shabby posting on Twitter on Monday that SudoRare is another Ponzi Scheme.

SudoRare was a platform for automated market makers and an NFT marketplace that advertised staking opportunities for assets such as Wrapped Ethereum (wETH), LOOKS, and XMON. LooksRare's native token is LOOKS, which is a fork of the top NFT marketplace OpenSea.

NFT platforms are on full alert

There have been serious concerns highlighted about the safety of the NFT and DeFi space. Another example is the hack of Axie Infinity’s Ronin Bridge in which hackers allegedly stole US$610 million in crypto., a cryptocurrency trading platform, may have been hacked for $4.8 million, while Nomad, a cross-chain bridge, may have been hacked for $200 million.

Amidst the industry's natural anonymity, there are methods for both platforms and investors to shield themselves.

Following high-profile rug pulls, Solana's NFT marketplace Magic Eden implemented a policy requiring minters to dox themselves to the platform as an aspect of an improvement plan.

Aug 24, 2022
Crypto News

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