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

Crypto Analyst Puts Bitcoin Price At $120,000 If This Range Breakout Happens
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Jack Dorsey wants to decentralize Bitcoin mining with new investment
Helen Partz10 hours agoJack Dorsey wants to decentralize Bitcoin mining with new investmentOcean, which raised $6.2 million in a funding round led by Jack Dorsey, plans to enable miners to get block rewards directly from
Turkey’s Inflation Jumps to 36%, Lira’s Value Plummets, Citizens Flock to Stablecoins
Turkey"s Inflation Jumps to 36%, Lira"s Value Plummets, Citizens Flock to Stablecoins The Republic of Turkey’s economy and the country’s native fiat currency the Turk
Bitget Wallet overtakes MetaMask by downloads — CryptoRank
Helen Partz9 hours agoBitget Wallet overtakes MetaMask by downloads — CryptoRankFormerly known as BitKeep, the Bitget Wallet was acquired by the Bitget exchange for $30 million in 2023. 2520 Total views4 Total sharesL
7 Reasons To Be Bullish On Bitcoin This Week
Este artículo también está disponible en español. In an analysis shared on X, crypto analyst Patric H. from CryptelligenceX outlines seven reasons why investors should be
VanEck’s Bitcoin ETF notches 1,400% daily trading volume increase
Tom Mitchelhill3 hours agoVanEck’s Bitcoin ETF notches 1,400% daily trading volume increaseVanEck and WisdomTree’s Bitcoin ETFs saw significant trading volume upticks out of the blue, with analysts at a loss for why
New wave of GameFi projects are costing millions of dollars to develop
Zhiyuan Sun9 hours agoNew wave of GameFi projects are costing millions of dollars to developPlayers are increasingly demanding greater playability and interactions that allow them to actually enjoy the Web3 games they pl
US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia
US Senator Urges Regulators to Increase Scrutiny on Crypto as It Risks Undermining Sanctions Against Russia U.S. Senator Elizabeth Warren is worried that “cryptocurrencies r
Miny.CC – Innovation in the Cryptocurrency Mining Sphere
Miny.CC – Innovation in the Cryptocurrency Mining SphereAberdeen, Hong Kong, September 16, 2020. – More than 10 years after the first cryptocurrency was successfully mined,
The Year Of Solana: 2024 Sees Global Crypto Love Surge Nearly 40%
Este artículo también está disponible en español. Solana (SOL) has emerged as a winner in the digital asset landscape as it captured the title of being the most popular b
Ether ETFs will only be a ‘sidekick’ to Bitcoin ETFs — Bloomberg analyst
Zoltan Vardai1 hour agoEther ETFs will only be a ‘sidekick’ to Bitcoin ETFs — Bloomberg analystInflows from the Ether ETF launch may disappoint compared to the record-breaking inflows generated by the launch of the
Kyle White3 hours agoBitcoin supply held by long-term holders hits all-time high — ResearchBitcoin’s recent rally to a 2023 high is backed by on-chain and sentiment data.1879 Total views4 Total sharesListen to articl