SudoRare NFT Marketplace Gone Just Days After Launch

SudoRare is the latest crypto project to disappear after subsequently launching seemingly. The NFT platform forked from SudoSwap and LooksRare launched on Monday and deleted all its social media by Tuesday morning, escaping with all user's funds.

Leading up to the launch, people waved multiple red flags within the Crypto Twitter community, with 2shabby tweeting Monday that SudoRare was potentially a scam, “Don’t participate unless you want to take the risk of losing your money. This team is [anonymous], won’t dox [disclose their identities], and the possibility of this being a scam is high.”

SudoRare was advertised as an automated market maker platform and NFT marketplace, promoting its staking of assets such as LOOKS, Wrapped Ethereum (wETH), and XMON. LOOKS is the coin behind the NFT platform LooksRare, which itself is a fork of the most popular NFT marketplace OpenSea.

Just six hours after launching, 230.6 LOOKS tokens were swapped into USD Coin (USDC), and 1 million LOOKS tokens into 154.5 Ethereum, reported Etherscan.

A total of 519 ETH were then moved off the platform, worth roughly $850,000 at the time of writing. All the funds were drained using three wallet addresses, with all evidence of the existing project wiped from the internet.

Although this instance is discouraging, there are tactics both collectors and platforms can utilize to protect themselves.

Recently Solanas NFT marketplace Magic Eden updated its policy to require minters to reveal their identities to the platform to curb rug pulls after the marketplace was hit with 2.

In response to the SudoRare scandal, another NFT automated market maker platform, SeaCows NFT, tweeted, “This sucks. Do your own research and hold teams to high security and transparency standards.” Advice, we here at FALCrypto, believe all should follow, always.