SudoRare shuts down website, flee with 519 ETH

An automated market maker, SudoRare, has suddenly gone offline completely after withdrawing 519 ETH worth over $800,000. 

SudoRare is a decentralized protocol on which digital assets can be traded by accessing liquidity pools. This is different from the traditional system where buyers and sellers provide different prices for any asset. For SudoRare, ERC-721 tokens are swapped for ERC-20.

Findings show that Sungjae_han, a crypto user, is one of the first persons to pick the signal.

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No website, no social media accounts

Here’s a peep into what the website looks like:

The medium account is also unavailable:

Information about the transfer of 173 ETH to three accounts each was reported from PeckShield:

Before the disappearance, PeckShield tried to intervene in the theft but the team behind Sudorare had to shut down all means of communication online. 

2022 has been an eventful year with events such as the Terra- LUNA UST collapse, DeFi protocol hacks, and collapses, stablecoins depegs, etc. 

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