RugPull Alarm in Ethereum Ecosystem! The Team of This Cryptocurrency Project Disappeared with Million Dollars of ETH!

The increasing popularity of Bitcoin (BTC) and cryptocurrencies has also led fraudsters to this sector.

In this context, these days when we constantly hear about new cryptocurrency fraud, the popular on-chain analysis company PeckshieldAlert said that RiskOnBlast, the gambling and exchange platform of the Blast ecosystem, is suspected of being Rugpull.

At this point, it was stated that the RiskOnBlast project collected more than 420 Ethereum worth $ 1.25 million from retail traders for the pre-sale token called RISK, which started on February 22 and ended the next day, and disappeared with these ETHs.

While it was stated that Twitter and the website were not opened, it was stated that this may be the first Rugpull case of the Blast ecosystem.

Receiving a total of 420 ETH worth approximately $1.25 million, the RiskOnBlast team sent approximately $500,000 to hangeNow, $360,000 to MEXC, and $187,000 to Bybit.

It was stated that a small part of the stolen funds were transferred to the Arbitrum (ARB) and Cosmos (ATOM) network.

#PeckShieldAlert Coindesk has reported that @Riskonblast has rugged 420 $ETH (~$1.3m).
Most of the stolen funds have already been transferred to #ChangeNow, #Bybit, #MEXC, and #SideShift. A small part of the stolen funds has been bridged to #Arbitrum & #Cosmos. #Blast_L2… pic.twitter.com/LEbRPLhiyk

— PeckShieldAlert (@PeckShieldAlert) February 26, 2024

What is Blast?

The Blast protocol is a scaling solution for the Ethereum network that provides local returns to users who stake their funds.

*This is not investment advice.