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Blast Ecosystem Sees First Apparent Scam as 'RiskOnBlast' Rug Pulls $1.3M Ether

The well-funded and hyped Blast ecosystem apparently saw its first rug pull event over the weekend as a project went missing after raising over 420 ether (ETH), worth $1.3 million at current prices, from retail traders. A rug pull is a type of exit scam that involves a team raising money from investors and the public by selling a token only to quietly shut down shortly afterward. Blast is an Ethereum layer-2 project that has attracted over $1 billion in capital in the past few months, ahead of going live. RiskOnBlast, purported to be a gambling and exchange platform, raised over $1 million from investors in a seed round last week and was one of the participants in Blast’s Big Bang competition.

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