Blast Ecosystem’s ‘RiskOnBlast’ Rug Pulls $1.3M Ether in Apparent Scam
The RiskOnBlast project, a gambling platform based on the Blast layer-2 ecosystem, has come under suspicion following the disappearance of its funds, website, and social media presence, raising concerns of a potential rug pull—the first of its kind on Blast.
According to Arkham Intelligence , balances on the RiskOnBlast platform suddenly plummeted to zero on February 25, indicating a possible siphoning of funds from the project.
Over the weekend, the highly anticipated Blast ecosystem experienced its first rug pull event, leaving investors reeling as a project vanished after raising over 420 ether (ETH), equivalent to $1.3 million at current prices, from retail traders.
During its presale token event, which commenced on February 22 and concluded the following day, GambleFi, the parent project of RiskOnBlast, managed to raise 420 Ether, equivalent to $1.25 million, for its RISK token.
However, on February 25, the team behind the project transferred the funds in batches of Dai to ChangeNOW, a non-custodial cryptocurrency exchange.
The anonymity of the RiskOnBlast team, coupled with the sudden disappearance of its social media accounts, has raised concerns among investors.
Onchain researcher SomaXBT revealed on X that funds from over 750 wallets were stolen, with a portion of the stolen funds being sent to swapping services and crypto exchanges.
1.@Riskonblast rugged 420 ETH worth $1.25 million from 750+ victims.
Scammers lent $497k through @ChangeNOW_io , $360k through @MEXC_Official and $187k through @Bybit_Official exchange
contract on L1
0x25f8C342E430C85829Ef5021C0720f0c60969840.
