Fun

Blockchain fraud group shifts $1M to Blast for new schemes

News Feed - 2024-04-14 08:04:50

Amaka Nwaokocha12 hours agoBlockchain fraud group shifts $1M to Blast for new schemesThis group has a history of launching numerous projects that attract significant TVL but later abscond with the funds.6840 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA group with a history of blockchain fraud on platforms like Magnate, Kokomo, and Lendora is launching new schemes on Blast. They have recently moved around $1 million in laundered funds to finance their fraudulent activities.


According to on-chain detective ZachXBT, the funds were initially moved from an Ethereum address linked to previous scams to another address on the Polygon network. Later, the assets were converted into Wrapped ETH (wETH) and moved across multiple blockchain networks via bridging services like Orbiter and Bungee.


Eventually, they were used on the Blast platform to purchase LEAP tokens, increasing liquidity in what appears to be another setup for unsuspecting victims. At the same time, ZachXBT suggests that the same individuals are probably responsible for another ongoing project called ZebraLending on the Base platform, boasting a current total value locked (TVL) of around $311K.Source:  Zachxbt


This group has a history of launching numerous projects that attract significant TVL but later abscond with the funds. Their tactics often involve fabricating Know Your Customer (KYC) documents and collaborating with less reputable auditing firms to give an appearance of legitimacy.


This group has targeted a range of platforms, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche, showcasing their operational flexibility and extensive presence in the blockchain sphere.


Related:Base hits $4B TVL as monthly txs outstrip Ethereum and Arbitrum


The repeated occurrence of these ripoffs creates the need for vigilance within the blockchain neighborhood. Investors are encouraged to exercise increased caution, specifically with new initiatives on platforms like Blast involving significant fund transfers.


Verifying project qualifications, examining audit experiences, and comprehending the channels of fund transactions are vital steps people can take to safeguard their investments. In addition, local community customers are inspired to share data and guide each other in determining suspicious actions to avert further victimization.


A nonfungible token (NFT) game called Munchables, built on Blast, suffered a $ 62 million exploit on March 26. Munchables announced it had been compromised and said it was tracking the exploiter’s movements and “attempting to stop the transactions.”


Around $400 million in Ether (ETH) was taken out of the Ethereum layer-2 network Blast after the launch of its mainnet on Feb. 29, unlocking nearly $2.3 billion in staked crypto previously locked up on the network. Blast crossed $2.1 billion in total value locked (TVL) just days ahead of its newly announced mainnet launch — slated for the end of this month.


Magazine:NFT Collector, DCinvestor: Is this the best NFT collection in the world?# Blockchain# Cryptocurrencies# Fraud# Decentralization# Ethereum# Cryptocurrency ExchangeAdd reaction

News Feed

UK Widens Crackdown on Unauthorized Crypto ATMs
UK Widens Crackdown on Unauthorized Crypto ATMs Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurr
Europol Arrests 10 Members of a Sim Swapping Criminal Gang That Stole Cryptocurrencies Worth $100 Million
Europol Arrests 10 Members of a Sim Swapping Criminal Gang That Stole Cryptocurrencies Worth $100 Million The European law enforcement agency, Europol, has arres
Bitcoin Price Retests Bullish Channel At $65,000, Analyst Reveals What’s Next
Este artículo también está disponible en español. Crypto analyst MMBT Trader has revealed that the Bitcoin price is retesting a bullish channel at the $65,000 price level
Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, Conman, and Clueless Idiot
Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, Conman, and Clueless Idiot The host of Mad Money, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is
Marcel Pechman3 hours agoWhy is the crypto market down this week?Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market’s underperform
Neiro memecoin developer makes $2.85M profit after apparent rug pull
Zoltan Vardai10 hours agoNeiro memecoin developer makes $2.85M profit after apparent rug pullThe developer wallet made an over 5,100x return on his initial $550 investment.1859 Total views2 Total sharesListen to article
Report: South Korean National Assembly to Pass Digital Asset Law in April
Report: South Korean National Assembly to Pass Digital Asset Law in April After several failed attempts in the past, the South Korean National Assembly is now expected to pass its
The Bitcoin bottom is not in — BTC traders set price targets in low $40K range
Nancy Lubale2 hours agoThe Bitcoin bottom is not in — BTC traders set price targets in low $40K rangeCrypto traders appear to agree that today’s market rout is far from over.4321 Total views4 Total sharesListen to ar
Kentucky Sends Cease and Desist Order to Crypto Lending Platform Celsius Over Interest-Bearing Accounts
Kentucky Sends Cease and Desist Order to Crypto Lending Platform Celsius Over Interest-Bearing Accounts Six days ago, the securities regulators from New Jersey and Texas cracked do
Lido’s Ethereum staking market share dips below 30%
Arijit Sarkar2 hours agoLido’s Ethereum staking market share dips below 30%Other prominent entities contributing to the ETH staking ecosystem are crypto exchanges Coinbase (14.04%) and Binance (3.75%) and Ethereum stak
Amaka Nwaokocha15 hours agoCurve Finance vows to reimburse users after $62M hackThe platform said it would assess each impacted user for reimbursement.3891 Total views33 Total sharesListen to article 0:00NewsJoin us on s
Mad Money’s Jim Cramer Recommends Avoiding Crypto, Other Speculative Investments
Mad Money"s Jim Cramer Recommends Avoiding Crypto, Other Speculative Investments The host of Mad Money, Jim Cramer, has advised investors to avoid cryptocurrency and other speculat