Non-fungible token (NFT) platform SudoRare has allegedly run off with US$815,000 in user funds and deleted its social media accounts, raising alarms over investor protection. 

See related article: Klaytn chief says reducing ‘human elements’ can prevent hacks

Fast facts

  • According to PeckShield Inc., a blockchain security and data analytics company, SudoRare took off with 519 $ETH, then valued at US$815,000, with funds transferred to three new addresses.
  • PeckShield said on Twitter that the “actor” behind the apparent SudoRare rug pull is a user of the Kraken exchange, as trails show funds were transferred to the user’s accounts. 
  • Serious concerns have been raised about the security of the NFT and decentralized finance (DeFi) space, with hackers reportedly stealing US$610 million worth of crypto from Axie Infinity’s Ronin bridge. 
  • Crypto trading platform may have been hacked to the tune of US$4.8 million, while cross-chain bridge Nomad suffered a US$200 million drain.

See related article: Chainalysis says $2 bln stolen in cross-chain bridge hacks this year, more expected