Kaunas, Lithuania, Monday, March 4, 2024 – A layer 2 project built on the Blast network, RiskOnBlast, has been compromised in a significant exploit commonly referred to as a “rug pull,” according to reports.
The incident resulted in the loss of approximately 500 Ether (ETH), a cryptocurrency.
A rug pull refers to an abrupt withdrawal of liquidity or project support by its developers, often after fraudulently inflating the price of a token, leaving investors with worthless holdings.
“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. 1 Etherscan has flagged 0x1E…C558 as a phishing/scam . 2
The exploit surprised the Blast network community, particularly because it’s the first such event reported within its Layer 2 ecosystem.
Community members first noticed the disappearance of RiskOnBlast’s social media presence, raising suspicions of foul play.
Analysis suggests a well-orchestrated scheme, with crypto reporter Colin Wu indicating that RiskOnBlast’s official accounts went dark shortly after funds were siphoned off.
”Suspicious rug pull<M” one member said on X.
“1. Raised money on Ethereum mainnet before blast launch
2. unlimited purchase limit for each user
3. Raise the total amount available to purchase
4. Token price bullish curve (The more token sold in presale, the higher the launch token price).” The post by BoredMoney|Ultiverse said on X. 3
- 500 ETH Rug Pull: https://t.ly/4_uyf[↩]
- 500 ETH Rug Pull: https://platform.arkhamintelligence.com/explorer/address/0x1EeB963133f657Ed3228d04b8CD9a13280EFC558[↩]
- 500 ETH Rug Pull: https://t.ly/wsLTp[↩]
