RiskOnBlast Absence a ‘Rug- Pull’; Investors Lost Millions- Claim

• 1 RiskOnBlast, a gambling ecosystem, is claimed to be missing after it raised funds from investors.
• 2 Claims of absence raised concerns that the project was a rug-pull. If it is, the amount of rug-pull would be $1.3 Million in Ether.
• 3 Arkham Intelligence stated that RiskOnBlast has transferred the amount to Bybit, MEXC, ChangeNow, and SideShift.

Thefts and fraud have been an issue of concern for the cryptocurrency market. In the last few months, bad actors have troubled the market. RiskOnBlast is a gambling ecosystem that secured Millions in funding in its initial stages. Since it received funding, no one has had contact with it.

RiskOnBlast, a project solely based on the Blast layer-2 ecosystem, raised funds from investors, and now the website, social media accounts, and other presence have disappeared from the internet.

The absence of RiskOnBlast has raised concerns that the project was a rug-pull. If it was indeed a rug-pull, the stolen amount would stand at $1.3 Million in Ether.

Blast was developed by the lead developers of Blur, an NFT platform and an Ethereum layer 2 solution that aims to compete with Arbitrum. Blast L2 has officially surpassed $2 Billion in total value locked (TVL).

In an X post, a user wrote that RiskOnBlast had deactivated their social media accounts and defrauded investors who invested funds in the firm in its initial stage.

As per Arkham Intelligence, RiskOnBlast has transferred the amount to Bybit, MEXC, ChangeNow, and SideShift. The incident has stirred the crypto investment market.

Dozens of investors and users have tried to contact the ecosystem, but the individuals associated with the website are yet to come forward to answer the questions.

Source: Arkham Intelligence

Other Market Updates

OANDA, a crypto brokerage firm headquartered in the United States, has secured the approval to launch OANDA crypto in the United Kingdom for regional regulators. The approval followed after the firm acquired Coinpass a year earlier.

Several other crypto firms are working on their expansion globally. Interest in global expansion saw a surge following the increased adoption of cryptocurrencies. OANDA Corporation acquired TMS in 2021 for an undisclosed amount. In 2021, the firm also bought GFM Solutions Group.

Quick Price Update

The market capitalization of the cryptocurrency market has shown major improvements in the past few months, most recently the market capitalization reached $2 Trillion. However, when writing the market cap was $1.97 Trillion.

In the past few days Bitcoin, the leader of the cryptocurrency market, seems to be consolidating in the range between $50k to $52k, analysts expect a boost in price after the upcoming Bitcoin halving event.

It is crucial to note that Ethereum, the second largest token in the market in terms of market capitalization, reflected impressive growth in the past few weeks. As of writing, ETH was trading at $3,021 with a weekly growth of 5.62%.

Every analyst has a different opinion over the growing price of Ethereum; some call it the hype of Ether spot ETF although others claim that the surge is backed by the market’s positive momentum.

Steefan George

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.