The RiskOnBlast project, operating within the Blast layer-2 ecosystem, is suspected of executing the first rug pull on Blast, leaving investors in the dark and funds disappeared. Here are the key details surrounding the incident:
On February 25, RiskOnBlast’s balances were observed to drop to zero, indicating a potential rug pull. Shortly afterward, the project’s website and social media accounts vanished without a trace.
RiskOnBlast raised 420 Ether (ETH), equivalent to $1.25 million, for its presale token RISK between February 22 and 23. However, the team subsequently transferred funds in batches of Dai (DAI) to ChangeNOW, a non-custodial crypto exchange.
Blockchain analytics flagged the project’s address as a phishing scam, warning users to exercise caution. Transactions totaling $850,000 from the stolen funds were reportedly washed through ChangeNOW and sent to exchanges like MEXC and Bybit.
The crypto community mobilized to track down the stolen funds, with victims reporting significant losses. Donations were made to blockchain sleuths who specialize in recovering stolen crypto assets.
RiskOnBlast was announced by the Blast team on February 12, raising concerns due to the small team behind the project, whose identities were not disclosed. The Blast protocol itself has faced bugs and controversies since its announcement, despite accruing $2 billion in total value.
The suspected rug pull on RiskOnBlast highlights the risks associated with investing in decentralized gambling platforms and underscores the importance of due diligence and cautious participation in such projects.
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