Blast-based GambleFi platform 'RiskOnBlast' allegedly rugpulled presale participants for $1.3 million

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The Block2024/02/26 08:56

By:The Block

Quick Take The gambling platform, RiskOnBlast, has allegedly siphoned off $1.3 million in ether raised during a seed round.

Blast-based gambling project RiskOnBlast allegedly rugpulled investors by emptying funds on Feb. 25 after it raised 420 ether, or $1.29 million, in a token presale last week. Its website and social media accounts have also disappeared.

Blockchain fraud researcher SomaXBT said on X on Sunday that RiskOnBlast appeared to siphon funds from over 750 victims, and the stolen funds have been moved to MEXC, Bybit and ChangeNOW.

RiskOnBlast, a crypto gambling platform, was one of the participants in Blast’s Big Bang competition, which offers web3 projects chances to be featured on its mainnet upon winning.

Blast is an Ethereum Layer-2 project built by Blur NFT marketplace Founder Tieshun Roquerre, also known as “ Pacman .” It raised capital from several investors, including Paradigm and Standard Crypto, and has a total value locked of over $2 billion, according to DeFiLlama data .

Blast had said in an X post on Feb. 13 that the RiskOnBlast project had “undeniable” potential. Blast could not be immediately reached for further comment.

Disclaimer: Larry Cermak, CEO of The Block, is an angel investor in Blast.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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