HomeCoinsEthereumBlockchain fraud group launches new scheme on Blast network

Blockchain fraud group launches new scheme on Blast network

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Warning: Scammers Behind Past Blockchain Frauds Launch New Scheme on Blast

The notorious group of scammers known for their past blockchain fraud activities has resurfaced with a new scheme on Blast, a layer-2 network introduced by Blur founder Tieshun Roquerre. According to ZachXBT, an on-chain detective, the group has moved approximately $1 million in laundered funds to Base to fuel their latest scam.

The group, whose previous projects include Magnate, Kokomo, Lendora, and Solfire, has a history of launching projects that attract substantial total value locked (TVL) only to disappear with investors’ funds later on. They are known for forging know-your-customer (KYC) documents and collaborating with dubious security auditing firms to appear legitimate.

Their latest project on Blast, possibly linked to Leaper Finance, a decentralized over-collateralized lending protocol, has raised concerns among the crypto community. ZachXBT warns that the sudden surge in liquidity on the platform is aimed at enticing unsuspecting individuals.

This is not the first time Blast has been targeted by scammers. In recent months, the network has experienced several scams, exploits, and rug pulls. In February, RiskOnBlast suffered a rug pull, resulting in a loss of around 500 ETH. In March, Super Sushi Samurai and Munchables, two blockchain games native to the network, fell victim to exploits totaling millions of dollars.

Investors and users are advised to exercise caution and conduct thorough research before participating in any projects on Blast or other blockchain networks to avoid falling victim to scams. Stay informed and stay safe in the ever-evolving world of cryptocurrency and blockchain technology.

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