RiskOnBlast's $1.25 Million Rug Pull: First Major Scam on Blast Platform

The cryptocurrency community is reeling from a recent scam involving the Blast project RiskOnBlast, which is suspected of being the first major rug pull on the platform. RiskOnBlast allegedly raised 420 ETH, worth approximately $1.25 million, from investors before the founders disappeared, deleting their Twitter account and washing approximately $850,000 of the stolen funds using the ChangeNOW service. This incident has sparked widespread discussion about the risks of investing in projects with anonymous founders and the importance of due diligence. Influencers and funds have been criticized for backing such projects without proper vetting, contributing to the success of these scams. The event has served as a cautionary tale for investors in the cryptocurrency space, highlighting the need for greater scrutiny and skepticism. Etherscan has flagged the last destination address of the stolen funds as a phishing/scam.