Ethereum

Blast

ZachXBT

Base

Polygon

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/scammers-exploit-crypto-users-on-blast-network" rel="noopener noreferrer nofollow">Scammers Exploit Crypto Users on Blast Network</a><br></p>
<p style="text-align: justify">In the dynamic world of cryptocurrencies, a notorious group of scammers has shifted their focus to the Blast network, targeting new victims with sophisticated tactics. This group, previously associated with deceptive projects on various platforms like Magnate, Kokomo, and Lendora, is now executing a new scam with threatening implications for investors.</p>
<h2 id="alert-on-blast-network-scam">Alert on Blast Network Scam</h2>
<p style="text-align: justify">The fraudulent activities were uncovered by blockchain detective ZachXBT, who spotted the group’s pattern of launching numerous projects rapidly and accruing significant Total Value Locked (TVL). They have a history of moving their ill-gotten gains across multiple blockchains, with recent transactions involving the transfer of funds from an <a href="https://en.bitcoinhaber.net/ethereums-price-direction-a-technical-analysis-snapshot" rel="noopener noreferrer nofollow">Ethereum</a> address to the Polygon network, followed by conversion into Wrapped ETH and further distribution through blockchain bridges.</p>
<p style="text-align: justify">The scammers are strategizing yet another deceit by purchasing LEAP tokens to inject liquidity into what seems to be a new trap. ZachXBT hypothesizes that this group is also orchestrating a scheme through ZebraLending on the Base platform, with a notable TVL of over $300,000.</p>
<h2 id="understanding-the-scam-operations">Understanding the Scam Operations</h2>
<p style="text-align: justify">The scam group operates across several networks, including Base, <a href="https://en.bitcoinhaber.net/solana-mobiles-new-cryptocurrency-integrated-smartphone-model" rel="noopener noreferrer nofollow">Solana</a>, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche. By collaborating with companies that neglect thorough code auditing and settle for superficial audit reports, the scammers can present a facade of legitimacy to their victims.</p>
<h2 id="conclusions-from-this-article">Conclusions from this article</h2>
<ul>
 <li>ZachXBT has identified a scam group performing similar schemes across multiple platforms.</li>
 <li>Crypto users should exhibit increased caution, especially on hyped networks prone to fraudulent activities.</li>
 <li>Significant TVL growth on new networks often attracts scammers, with many protocols having dubious origins.</li>
</ul>
<p style="text-align: justify">Amidst the expectation of a new network launch, Blast’s TVL skyrocketed to $2.1 billion, highlighting the intense interest from investors. However, this growth also brings to light the potential dangers, as many protocols are launched by individuals with malicious intentions, ready to exploit the unwary.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/scammers-exploit-crypto-users-on-blast-network" rel="noopener noreferrer nofollow">Scammers Exploit Crypto Users on Blast Network</a></h5>

Scammers Exploit Crypto Users on Blast Network

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