Blast Platform Faces New Blockchain Fraud Scheme Involving Rp16 Billion Laundered Funds
In a recent development in the world of cryptocurrency, a group with a history of blockchain fraud has resurfaced with a new scheme on the Blast platform. The group, known for their fraudulent activities on platforms like Magnate, Kokomo, and Lendora, has reportedly moved around Rp16 billion of laundered funds to finance their latest scam.
According to on-chain detective ZachXBT, the funds were initially transferred from Ethereum addresses linked to previous frauds to other addresses on the Polygon network. The assets were then converted to Wrapped ETH (WETH) and transferred through various blockchain networks using connecting services such as Orbiter and Bungee.
The group used the funds on the Blast platform to buy LEAP tokens, increasing liquidity in what appeared to be another setting for suspicious activities. ZachXBT also suggested that the same individual might be involved in another ongoing 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 a significant TVL before fleeing with the funds. Their tactics often involve falsifying KYC documents and collaborating with questionable audit agencies to provide a facade of legitimacy.
The group has targeted various platforms, showcasing their operational flexibility and presence in the blockchain world. This repeated presence of scams highlights the need for vigilance within the blockchain community. Investors are urged to be cautious, especially towards new initiatives on platforms like Blast involving significant fund transfers.
Verifying project qualifications, evaluating audit experience, and understanding fund transaction paths are crucial steps to protect investments. Community members are encouraged to share information and help each other identify suspicious actions to prevent further victims.
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 announced that they had been hacked and were actively tracking the perpetrators’ movements to prevent further damage.
The cryptocurrency world continues to face challenges with security and fraud, underscoring the importance of due diligence and caution when navigating the digital landscape. Stay informed, stay vigilant, and protect your investments in this ever-evolving space.
