Crypto:
30336
Bitcoin:
$64.987
% 0.11
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 64.987
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

ZachXBT Reveals $1 Million Transactions by Crypto Thieves

Playdapp Hack

According to on-chain sleuth ZachXBT, a group infamous for blockchain fraud shifted nearly $1 million in laundered funds to fund new schemes at Blast. This group has a history of launching projects on platforms like Magnate, Kokomo and Lendora, attracting significant Total Value Locked (TVL) before disappearing along with the funds.

The movement of funds began with a transfer from an Ethereum address linked to previous scams to another address on the Polygon network. The assets were then converted into Wrapped ETH (wETH) and moved across multiple blockchain networks via bridge services such as Orbiter and Bungee. Finally, the funds were used to purchase LEAP tokens on the Blast platform, possibly creating another fraudulent scheme.

In addition, ZachXBT suggests that the same people may be involved in another project on the ZebraLending on the Base platform with a TVL of approximately $311 thousand.

This group uses tactics such as fabricating Know Your Customer (KYC) documents and collaborating with less reputable auditing firms to create the illusion of legitimacy. They have demonstrated their operational flexibility and extensive presence in the blockchain space by targeting platforms on various blockchain networks.

The recurrence of such fraudulent activities underscores the importance of caution within the blockchain community. Investors are urged to be careful when it comes to new ventures that involve significant fund transfers, especially on platforms like Blast.

Verifying project qualifications, reviewing audit experiences, and understanding fund transaction channels are important steps in protecting investments. Community members are encouraged to share information and support each other in detecting suspicious activity to prevent further victimization.

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Moreover, Blast itself has faced challenges, including a $62 million exploit suffered by NFT game Munchables on March 26. Additionally, approximately $400 million worth of Ether (ETH) was withdrawn and unlocked from the Ethereum layer-2 network Blast shortly after the mainnet launch. . Approximately $2.3 billion worth of cryptocurrency was previously locked in the network. Despite these setbacks, Blast has generated significant TVL of over $2.1 billion ahead of its mainnet launch scheduled for later this month.


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