Blockchain Fraud Allegedly Launder $1M to Base Network

A group of scammers has allegedly moved over $1 million in laundered funds to the Base network to fuel a new nefarious scheme.

According to blockchain investigator ZachXBT, the group has a well-documented history of launching fraudulent projects that lure in unsuspecting investors, only to abruptly disappear with their hard-earned funds.

Community Alert: The group of scammers who stole 8 figs with Magnate, Kokomo, Lendora, Solfire, etc is back with a new project on Blast @Leaperfinance

Last week they funded an address on Blast with ~$1M of laundered funds from the previous rugs and have begun adding liquidity… pic.twitter.com/yqRKvZuuye
— ZachXBT (@zachxbt) April 14, 2024

The group’s latest ploy involves transferring assets from an Ethereum address linked to previous scams, eventually making their way to the Polygon network. They then converted the funds into wrapped Ether (wETH) and navigated through various blockchain bridges, including Orbiter and Bungee, to the Blast network, a Layer-2 solution introduced by Blur founder Tieshun Roquerre.

Update: Same scammers are also likely behind @ZebraLending on Base which is currently live with $311K TVL

Withdraw your assets immediately if you have funds deposited in this protocol.

Tracing:

1) 0x085 transfers 30 wETH to 0x9f8 on Base… pic.twitter.com/Hv0v70azA7
— ZachXBT (@zachxbt) April 14, 2024

Also Read: Ripple’s Massive 100M XRP Move Fuels Market Speculation

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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