SudoRare, an automated market maker (AMM) protocol for ERC-721 to ERC-20 swaps, suddenly shut down its services and social media accounts after reportedly making away with 519 Ether (ETH), worth roughly $815,000.
According to Cointelegraph, a Sudorare community member, sungjae_han, was first to point out a suspicious transaction that drained substantial funds off SudoRare using LooksRare (LOOKS) and USD Coin (USDC) tokens.
The screenshot below shows that the alleged stolen fund was equally divided and transferred to three different accounts, each receiving 173 ETH.
SudoRare’s disappearance serves as a reminder for investors to “do your own research” (DYOR) before investing in projects that promise unrealistic returns.
A recent hack on Velodrome Finance was traced back to one of its team members, Gabagool, who later returned the stolen funds worth $350,000.
Gabagool, too, released a note revealing various events that led him to attempt theft, which involved losing funds during the 2022 crypto crash. He added:
“Not much else to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure about what next, legally speaking.”
Velodrome is yet to take legal action against the crime and has revealed working with the legal counsel to determine the next steps.