Beware of New Blockchain Fraud Scheme on Blast Platform: Rp16 Billion Laundered Funds Involved
A notorious group with a history of blockchain fraud is once again making headlines, this time with a new scheme on the Blast platform. The group recently moved around Rp16 billion of laundered funds to finance their fraudulent activities, according to on-chain detective ZachXBT.
The funds were traced from Ethereum addresses linked to previous frauds to other addresses on the Polygon network. They were then converted to Wrapped ETH (WETH) and transferred through various blockchain networks using connecting services like Orbiter and Bungee. Ultimately, the funds were used on Blast to buy LEAP tokens, increasing liquidity in what seemed to be another setup for unsuspecting victims.
ZachXBT also pointed out that the same individual may be involved in another project called ZebralLending on the Base platform, with a current Total Value Locked (TVL) of around IDR 5 billion. This group has a history of launching projects that attract significant TVL before disappearing with the funds, often by falsifying KYC documents and collaborating with questionable audit agencies.
Their scams have targeted platforms like Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche, showcasing their broad operational reach in the blockchain world. This repeated presence of scams highlights the need for vigilance within the blockchain community.
Investors are urged to verify project qualifications, evaluate audit experiences, and understand fund transaction paths to protect their investments. Sharing information and guiding each other in identifying suspicious actions can help prevent more victims from falling prey to such schemes.
In a related incident, a popular NFT game called Munchables, built on Blast, experienced exploits of Rp996 billion on March 26. The team behind Munchables confirmed the hack and stated they were tracking the perpetrators’ movements to prevent further damage.
Additionally, nearly Rp6.4 trillion Ether (ETH) was withdrawn from the Blast Ethereum layer-2 network following the mainnet launch on February 29, unlocking nearly Rp36.9 trillion in previously locked cryptocurrencies on the network. Blast had surpassed Rp33.7 trillion in TVL just days before the mainnet launch, signaling significant activity on the platform.
As the blockchain world continues to evolve, staying informed and cautious is crucial to safeguarding investments and preventing fraudulent activities. Stay vigilant and always do your due diligence before participating in any new initiatives in the crypto space.
