Blast

2024

Axie Infinity

Shiba Inu

<p class="is-style-lead">The Blast network’s layer 2 project, RiskOnBlast, has been hit with a significant exploit, commonly referred to as a “rug pull,” leading to the loss of around 500 Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).&nbsp;</p>
<p>The heist surprised the crypto community, primarily because it’s the first of its kind in Blast’s <a href="https://crypto.news/?s=layer+2" target="_blank" rel="noopener noreferrer nofollow">layer 2</a> ecosystem. The troubling events unfolded when some community members noticed the sudden erasure of RiskOnBlast’s social media presence.</p>
<p>Analysis pointed to a well-orchestrated deception, with crypto reporter Colin Wu, indicating that RiskOnBlast’s official X account had gone dark shortly after funds were siphoned off.</p>
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   <p lang="en" dir="ltr">The Blast project RiskOnBlast is suspected of being Rugpull. Twitter and the website can no longer be opened. It may be the first Rugpull project on Blast. It raised a total of 420 ETH, worth approximately $1.25 million. Etherscan has flagged 0x1E…C558 as a phishing/scam.…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1761673654059106486?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 25, 2024</a>
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<p>Other prominent names in the crypto space, including analysts and investors, have expressed their dismay, with some questioning the scrutiny involved in the RiskOnBlast venture, which was backed despite having anonymous founders with no established reputation.</p>
<p>You might also like: <a href="https://crypto.news/shiba-inu-team-warns-of-scams-amid-new-sheboshi-token/" rel="noopener noreferrer nofollow"> Shiba Inu team warns of scams amid new SHEboshi token </a></p>
<h2 class="wp-block-heading" id="strong-riskonblast-investors-lament-losses-strong"><strong>RiskonBlast investors lament losses</strong></h2>
<p>Investors such as MoonCat2878 shared their personal losses, with claims of losing significant amounts of money, as frustration grew among users of the Blast network.&nbsp;</p>
<p>They took to X to shed light on the situation and express their intentions to contribute to fund recovery efforts. MoonCat2878 has pledged to donate 1 ETH to blockchain investigator <a href="https://crypto.news/?s=zachxbt" target="_blank" rel="noopener noreferrer nofollow">ZachXBT</a> and has also offered to hand over $12,500 to assist in the recovery of lost funds should they be retrieved.</p>
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   <p lang="en" dir="ltr">Full transparency update on the first RUG on <a href="https://twitter.com/Blast_L2?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Blast_L2</a> called RiskOnBlast<br><br>I am going to donate 1 ETH to <a href="https://twitter.com/zachxbt?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@zachxbt</a> tomorrow when back at home and hope he is able to help a bit to recover funds, I also am going to donate my $ 12,500 to Zach if he gets that back<br><br>So let's dig in,… <a href="https://t.co/VjUd3qIR5a" target="_blank" rel="noopener noreferrer nofollow">https://t.co/VjUd3qIR5a</a></p>— MoonCat2878 (@mooncat2878) <a href="https://twitter.com/mooncat2878/status/1761680963333955931?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 25, 2024</a>
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<p>The crypto investor recounted how, upon seeing positive signals from reputable accounts and partnerships within the Blast ecosystem, they initially perceived RiskOnBlast as a promising investment opportunity. However, subsequent public sale changes leading to an uncapped round aroused suspicion.&nbsp;</p>
<p>Attempts to seek clarity from the RiskOnBlast team led to delayed and unsatisfactory responses, highlighting red flags that MoonCat2878 regrets not investigating further. Despite a later decision to cap the sale, the suspicions proved valid when the project suddenly resulted in investor losses.</p>
<p>Other Blast users, like Blokzi.eth, have contended that the platform’s endorsement of RiskOnBlast led them to believe in its legitimacy, a trust that was broken, resulting in financial harm.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/Blast_L2?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Blast_L2</a> <br>you guys clearly shilled these scammers. I contributed cuz i thought its fully safe when you shill this project on your official twitter + you wrote requirements that at least one person from team should be doxxed (kycced). Im just hoping for refunds <a href="https://t.co/c2dhh8iQ4j" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/c2dhh8iQ4j</a></p>— blokzi.eth (@bortosz1) <a href="https://twitter.com/bortosz1/status/1761548367023267885?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 25, 2024</a>
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<h2 class="wp-block-heading" id="strong-blast-s-reputation-strong"><strong>Blast’s reputation</strong></h2>
<p>The <a href="https://medium.com/@shariqmohamedyusuf/the-latest-in-crypto-blast-a-revolutionary-ethereum-layer-2-solution-ae8f87a763a7" target="_blank" rel="noopener noreferrer nofollow">Blast</a> network, a layer 2 solution built for Ethereum to enhance transaction throughput and cost efficiency, has gained traction in the crypto space with high-profile backers like Paradigm.&nbsp;</p>
<p>The platform, co-created by Blur co-founder Tieshun Roquerre (<a href="https://decrypt.co/121950/blur-founder-pacman-high-school-mit-dropout" data-type="link" data-id="https://decrypt.co/121950/blur-founder-pacman-high-school-mit-dropout" target="_blank" rel="noopener noreferrer nofollow">aka</a> Pacman), was celebrated for its optimistic <a href="https://crypto.news/what-are-rollups-in-crypto/" target="_blank" rel="noopener noreferrer nofollow">roll-up</a> technology and its capacity to host Ethereum decentralized applications (dapps) without requiring changes to their codebase.</p>
<p>However, following the disruption caused by the suspected rug pull, many are casting a skeptical eye on the <a href="https://crypto.news/l2-blast-on-multi-sig-debate-security-exists-on-spectrum-nothing-is-fully-secure/" target="_blank" rel="noopener noreferrer nofollow">security</a> protocols of the Blast ecosystem.&nbsp;</p>
<p>The tech community, including Coinbase’s Andrew Choi, has been actively engaging in discourse, seeking answers to how such a significant breach of trust could occur within an up-and-coming blockchain network.</p>
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   <p lang="en" dir="ltr">Did <a href="https://twitter.com/RiskOnBlast?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@RiskOnBlast</a> on Blast L2 really pull a rug by deleting their website, twitter, discord after raising 1M+ in presale just now? <a href="https://t.co/IrhgAfLd9s" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/IrhgAfLd9s</a></p>— andrewchoi.sol (🍯) (@AndrewChoi5) <a href="https://twitter.com/AndrewChoi5/status/1761545940706673005?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 25, 2024</a>
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<p>As the aftermath of the rug pull evolves, the Blast ecosystem stands at a crossroads, faced with regaining the confidence of its users and stakeholders.</p>
<p>Investigations continue to unravel the details of the incident while voices in the crypto world call for action and rectification.</p>
<p>Read more: <a href="https://crypto.news/axie-infinity-co-founder-loses-nearly-10m-from-crypto-wallet-hack/" rel="noopener noreferrer nofollow"> Axie Infinity co-founder loses nearly $10m from crypto wallet hack </a></p>

Blast network’s layer 2 project falls prey to 500 ETH rug pull

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