SudoRare developers reap $815,000 from rug pulling project
Adding to the growing list of exploits, SudoRare developers have shut down operations after withdrawing $815,000 (519 ETH) from the AMM protocol. A Twitter user Sungjae flagged the rug pull after 173 ETH was transferred to 3 wallet addresses each. In a follow-up tweet, security firm PeckShield confirmed the rug pull and highlighted that the team had deleted all communications channels.
The developers withdrew over 1 million LOOKS from the LooksRare liquidity pool and swapped them for 154 ETHand 60,000 USDC. SudoRare attracted as much as $815,000 in its liquidity pool given it offered investors high-yield opportunity. Users who took the bait, could not reap their yield as the protocol disappeared in just six days of launch. Its been an unfortunate precedent for the crypto market, as each week records another rug pull using similar tactics.
Source
https://t.me/DeFi_Ethereum
