Cryptocurrency

SudoRare developers reap $815,000 from rug pulling project

Adding to the ever-growing list of exploits, SudoRare developers shut down operations after extracting $815,000 (519 ETH) from the AMM protocol.

Twitter user Sungjae A lag pull was flagged after 173 ETH was transferred to each of the three wallet addresses. tweet, Security firm PeckShield confirmed the lag pull and emphasized that the team removed all communication channels.

The developer withdrew over 1 million LOOKS from the LooksRare liquidity pool and exchanged them for 154 ETHand 60,000 USDC.

SudoRare has amassed $815,000 in its liquidity pool as it has provided investors with high yield opportunities. Users who took the bait failed to reap the benefits as the protocol died just six days after launch.

1 week, 1 free rug

Each week they use similar tactics to record another lag pull, setting an unfortunate precedent for the crypto market.

crypto slate The Blur Finance developers previously covered that they pulled out over $600,000 from Polygon and BNB Chain contracts to close the project.

Security firm PeckShield also flagged a $1 million+ lag pull by the Dragoma developers.They Squeezed 420,000 USDT and 880,000 MATIC Token Polygon Contracts

Increase in crypto fraud

A recent study by a cybersecurity firm Hacken has revealed that between January and May 2022, 87 hacks, exploits, and scams contributed to the web3 space, causing more than $1.4 billion in losses.

A search of the records reveals that the Billionaire Dogs NFT scam was the main cause of the numbers. French reality TV star Laurent Correira is said to have pushed his NFT project with his influence. Within a week of his launch, the project team was gone along with his over $960,000 of investor funding.

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