{"id":6844,"date":"2024-04-14T13:44:31","date_gmt":"2024-04-14T13:44:31","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=6844"},"modified":"2024-04-14T13:44:34","modified_gmt":"2024-04-14T13:44:34","slug":"blockchain-fraud-group-mobilizes-1m-for-schemes-on-blast-platform","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/blockchain-fraud-group-mobilizes-1m-for-schemes-on-blast-platform\/","title":{"rendered":"Blockchain Fraud Group Mobilizes $1M for Schemes on Blast Platform"},"content":{"rendered":"\n<p>A notorious blockchain fraud group, previously linked to scams on platforms like Magnate, Kokomo, and Lendora, has transferred approximately $1 million to Blast, gearing up for new fraudulent activities. This movement marks another chapter in the group\u2019s history of exploiting blockchain projects.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-movement-of-laundered-funds\">Movement of Laundered Funds<\/h2>\n\n\n\n<p>On-chain detective ZachXBT tracked the funds, noting that they originated from an Ethereum address associated with past scams and were transferred to an address on the Polygon network. The assets were then converted to Wrapped ETH (wETH) and circulated across various blockchain networks using bridging services such as Orbiter and Bungee.<\/p>\n\n\n\n<p>The laundered money was used to purchase LEAP tokens on the Blast platform, presumably setting the stage for another scheme by boosting liquidity to attract unsuspecting investors. This pattern mirrors the group\u2019s previous operations, where they have repeatedly attracted significant total value locked (TVL) only to abscond with the funds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-continued-pattern-of-deception\">Continued Pattern of Deception<\/h2>\n\n\n\n<p>The same operators are suspected of running another project, ZebraLending on the Base platform, which currently has a TVL of approximately $311K. Their tactics typically involve creating fake KYC documents and collaborating with dubious auditing firms to appear legitimate. This group has proven its ability to target various platforms, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche.<\/p>\n\n\n\n<p>The repeated scams underscore the need for vigilance in the blockchain community. Investors are urged to exercise caution, especially with new projects on platforms like Blast that involve significant fund movements. It is crucial to verify project credentials, scrutinize audit reports, and understand the pathways of fund transactions to safeguard investments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-community-support-and-information-sharing\">Community Support and Information Sharing<\/h2>\n\n\n\n<p>Community members are encouraged to share information and support one another in identifying suspicious activities to prevent further scams. Awareness and proactive community engagement are key to mitigating the risks associated with emerging and established blockchain platforms.<\/p>\n\n\n\n<p>This ongoing situation highlights the dynamic challenges within the blockchain ecosystem and the importance of maintaining stringent security measures and regulatory oversight to combat fraud effectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A notorious blockchain fraud group, previously linked to scams on platforms like Magnate, Kokomo, and Lendora, has transferred approximately $1 million to Blast, gearing up for new fraudulent activities. This movement marks another chapter in the group\u2019s history of exploiting blockchain projects. Movement of Laundered Funds On-chain detective ZachXBT tracked the funds, noting that they [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6846,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-6844","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Blockchain Fraud Group Mobilizes $1M for Schemes on Blast Platform<\/title>\n<meta name=\"description\" content=\"A notorious blockchain fraud group, previously linked to scams on platforms like Magnate, Kokomo, and Lendora, has transferred approximately $1 million to\" \/>\n<meta name=\"robots\" content=\"index, follow, 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