SudoRare suddenly shut down its services and social media accounts after allegedly giving away 519 Ether worth around $815,000.
SudoRare, an automated market maker (AMM) protocol for migrating from ERC-721 to ERC-20, has abruptly shut down its services and social media accounts after announcing that it parted with 519 Ether (ETH) worth about $815,000.
Crypto community member sungjae_han was the first to point out a suspicious transaction draining significant funds from SudoRare using LookRare (LOOKS) and USD Coin (USDC) tokens.
As PeckShield’s suspicions grew, SudoRare decided to withdraw from the Internet by deleting all social media accounts and the main sudorare.xyz website.
Although research on the matter is still ongoing, SudoRare’s disappearance reminds investors to “do your own research” (DYOR) before investing in projects pitching unrealistic returns.
The latest Velodrome Finance hack was discovered by a member of their team named Gabagul, who later returned $350,000 in stolen funds.
Gabagool, too, released a note revealing various events that led him to attempt theft, which involved losing funds during the 2022 crypto crash. He added:
“Not much else to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure about what next, legally speaking.”
Velodrome has not yet taken legal action over the breach and said it is working with legal counsel to determine next steps.
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