RiskOnBlast Scams 500 ETH, First Rug Pull on Blast L2 Valued at $1.25M

The cryptocurrency community is facing a surge in scam activities coinciding with the anticipation of the Blast Layer 2 (L2) network launch. A notable scam, @riskonblast, managed to fraudulently raise 500 ETH from investors by leveraging the excitement around the upcoming launch, only to 'rug pull' by disappearing with the funds. This incident has been highlighted as the first significant scam associated with the Blast L2 ecosystem, raising concerns about the due diligence conducted by influencers and funds within the space. Additionally, the project RiskOnBlast is suspected to be the first rug pull on Blast, with its social media and website shutting down after raising a total of 420 ETH, valued at approximately $1.25 million. This has prompted warnings from various members of the community, urging investors to conduct thorough research (DYOR) and to be cautious of projects with unverified or anonymous teams. The situation underscores the risks associated with permissionless markets and the heightened potential for scam activities during periods of heightened market anticipation.