Scam In Sight: These Altcoin Developers Disappear With All Investor Money!

sudorare named non-fungible token (NFT) The developers of the platform turned out to be fraudulent and deleted all traces of the project online and invested $ 800,000. cryptocurrency disappeared with.

Sudorare was launched as a fork of SudoSwap, the decentralized NFT marketplace known for its NFT liquidity pools and cheap transaction fees, and LooksRare (LOOKS), another NFT marketplace. Both projects gained popularity during the cryptocurrency boom last year.

sudorare, LOOKS, XMON and wETH It continued the yield farm service it created for staking users for about a week.

Scammers Lose Investors’ $800,000

But Blockchain data revealed on Tuesday morning revealed that Sudorare developers illegally drained the LOOKS liquidity pool just six hours after it went into operation, exchanging more than 1 million LOOKS for 154 Ethereum and 60,000 USDC in such a transaction, and a scam called “rugpull”. demonstrated that he did.

As a result, the developers of the fake app stole 514 ETH tokens, which corresponds to approximately $815,000 at current exchange rates.

seems like sudorare rugged for 800khttps://t.co/UkvbAskut8 pic.twitter.com/pCCJViRHXR

— Sungjae (@sungjae_han) August 23, 2022

There were a lot of warnings about the project

In decentralized finance (DeFi), the term “rugpull” describes scams in which developers run legitimate work on a Blockchain and then empty the liquidity pools in the project, essentially leaving investors empty-handed and causing a sharp drop in the associated tokens.

Despite some Twitter users warning not to invest in the Sudorare project in the past weeks, people lost money with this type of scam.

Users thought this project was fake due to its tokenomics, fake online followers, and unrealistically high yields.

*Not investment advice.