My friends, these past few days I've been adding to my Bitcoin holdings because, well, in the world of cryptocurrency, you can't go wrong with BTC, and I've been mulling over developments in the market. It's just a few weeks ahead of The Merge over on Ethereum now, scheduled for around mid-September, and so I am very interested to see what the landscape would be like after- for the ETH ecosystem and its competitors.
Anyways, so I've been monitoring developments and I came upon this wild story. An entire NFT automated-market maker platform, Sudorare, appears to have pulled the rug from under its investors, making off with 519 ETH valued at approximately $815,000 a mere six hours after it launched. Crazy, right? Let's get into this.
Let me tell you guys, straight off, this is a case of it doesn't always pay to be first to the draw.
According to reports, Sudorare was a fork of fellow decentralized NFT marketplaces, LooksRare and Sudoswap, both of which made their name for paying users who access their services and for offering NFT liquidity pools and lower gas prices, right? The latter platforms were fairly popular, and so the Sudorare developer(s) capitalized on this popularity, launched a fork and promised incredible yields.
And for those familiar with the old nursery rhyme The Spider and The Fly, these developers were literally saying, Will you walk into my parlour, right? Of course, many Twitter users suspected the scam and took to social media ahead of the launch to voice their suspicions.
But will some of y'all listen? Nuh-uh. And so, as predicted, as the ETH came piling in, the SudoRare team deleted their website and social media accounts and made off with their ill-gotten gains like:
Thing is though, it seems like this gang of thieves were not as slick as they thought. Seems like they were more of a Howard Thurston on Wish kinda deal, no disrespect to Wish here, of course.
But get this, while some gullible users may not have suspected the scam, didn't see the writing on the wall, or, driven by greed, ignored all warnings beforehand, others in the crypto space were quick on the draw, and not only did they detect the rug pull, blockchain security firm, PeckShield, was able to identify the SudoRare accounts holding the loot, one of which was registered with cryptocurrency exchange, Kraken.
Now, with Kraken dragged into this mess, what comes next here should be interesting. But, that was just some wild news, right? I was literally reading this story like, $815,000 on a blatant scheme? Guys, what is you doing??
Anyways, friends, what do you think of this crazy story? Listen, I'm at the stage where I'm like, what else can you do to advise users to be cautious, right? There are constant alerts, warnings, guides to be safe. And I mean, while I know that even after all of this is done there is still a lot of risk, I think this last scam on SudoRare was just ridiculously avoidable. But that's just me. I'd love to hear your views.
That said, I'm off in search of another story. Until we meet again, please remember to be safe. We'll chat soon.