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

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 Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

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