AMM Protocol SudoRare Disappears with 519 ETH

SudoRare abruptly shut down its services and social media accounts after seizing 519 Ethereum (ETH) worth $815,000.

The decentralized nature of crypto stands out as one of the important factors that affect the industry in terms of trust. Things take on a different dimension when malicious people develop an application completely included in this system. SudoRare, the automated market maker AMM protocol used for swaps, has also made its mark on the list of scammers.

SudoRare Shut Down Its Services And Social Media Accounts

Crypto community member sungjae_han was the first to detect the suspicious transaction. LookRare (LOOKS) and USD Coinkolik (USDC) tokens were used in the transaction in which 519 ETH was seized. Almost all of the assets in the protocol have been transferred.

SudoRare, the automated market maker (AMM) protocol used for ERC-721 to ERC-20 swaps, went into hiding, shutting down its services and social media accounts after capturing 519 Ether (ETH) worth approximately $815,000.

Blockchain researcher PeckShield leaned on the prospect of small-scale rug pulls. Strengthening PeckShield’s suspicions was the disappearance of SudoRare, deleting all social media accounts and its main website.

In the screenshot shared by PeckShield, it can be seen that the funds allegedly stolen were divided equally and transferred to three different accounts.

As investigations continue into the matter, the disappearance of SudoRare reminds investors of the promise to “do your own research (DYOR)” before investing in projects that generate unrealistic returns.