Blast Platform Used By Fraudsters To Launch Projects: Report
ZachXBT, an on-chain detective, has discovered a notorious group involved in blockchain frauds across platforms like Magnate, Kokomo, and Lendora.
The group transferred approximately $1 million in laundered funds to an address on Blast to fund new fraudulent activities.
The funds were initially moved from an Ethereum address linked to previous scams to another address on the Polygon network. Assets were then converted to Wrapped ETH (wETH) and transferred through multiple blockchain networks using bridging services like Orbiter and Bungee.
The same culprits are likely behind another active project named ZebraLending on the Base platform, which has a live TVL of approximately $311K.
The group has a history of deceptive operations, using fake Know Your Customer (KYC) documents and cooperation with lower-level auditing firms to create a sense of legality.
(With inputs from Shikha Singh)
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