Blockchain Fraud Group Channels $1M to Blast for New Scams, Warns On-Chain Detective

A blockchain fraud group notorious for launching deceptive projects such as Magnate, Kokomo, and Lendora has recently shifted approximately $1 million in laundered funds to fuel new fraudulent schemes on Blast. On-chain investigator ZachXBT revealed that the funds were initially transferred from an Ethereum address connected to previous scams to another address on the Polygon network before being converted into Wrapped ETH (wETH) and moved across various blockchain networks via bridging services like Orbiter and Bungee. Subsequently, the funds were utilised on Blast to acquire LEAP tokens, potentially setting up another trap for unsuspecting victims. Moreover, ZachXBT suggested that the same group might be behind another ongoing project named ZebraLending on the Base platform, which currently boasts a total value locked (TVL) of approximately $311K. This pattern of fraudulent activities underscores the importance of vigilance within the blockchain community, urging investors to exercise caution and thoroughly research projects before committing funds.