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HomeNFTDecentralised NFT token SudoRare faces massive loss of $800,000 in the first...

Decentralised NFT token SudoRare faces massive loss of $800,000 in the first six hours of operation

The decentralised non-fungible token (NFT) exchange known as SudoRare went down only six hours after it first opened its doors. As a direct consequence of this, tokens with a value of more than $800,000 were taken from the wallet address associated with the platform.

The blockchain security business and other critics agree that they feel the creators of the initiative are the ones who are pulling the rug out from under them. This is due to the fact that it was very probable that they would be the only ones who would have access to the project’s liquidity pool. In addition, the attack was carried out not long after the launch.

The NFT exchange has completely shut down all of its websites and social media accounts, including the Medium blog page that was associated with it. Because the SudoRare staff is anonymous and the project’s social media profiles have already been removed, there is a strong possibility that the company has taken advantage of its investors.

Ether, LooksRare LOOKS cryptocurrency, and the USDC stablecoin are examples of rugged tokens. On Uniswap, the LOOKS tokens as well as the USDC tokens have already been changed to Ether. In all, the malicious actors were able to withdraw 519 ETH, which is equivalent to $815,000 USD.

The non-fungible token (NFT) marketplace known as SudoRare is a fork of both SudoSwap and LooksRare. It aims to combine the positive aspects of both of its predecessors. In contrast to SudoSwap, which is a decentralised platform for trading NFTs that enables the development of liquidity pools for NFTs, LooksRare is a centralised NFT marketplace that operates in a manner that is similar to that of OpenSea. On the other hand, LooksRare’s platform utilises a native token known as LOOKS to motivate users to make purchases and sales on the network.

It was anticipated that SudoRare would integrate these two capabilities, providing a decentralised platform while also delivering an incentive for staking. If users had staked the project’s native SR token, they might have received ETH in the form of trading fees.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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