Crypto buyers have swiftly eliminated their belongings on the Ethereum-based layer two blockchain Blast following its Feb. 29 mainnet launch.
In line with DefiLama and Flipside data, the full worth of belongings locked (TVL) on the community plummeted by over 65% prior to now day, dropping to $745.47 million from a peak of $2.27 billion.
Final yr, Blast enticed group members to lock up their Ethereum and stablecoin belongings, providing as much as a 5% annual share yield generated from staked ETH and real-world asset protocols.
The attract of excessive yields and potential airdrops incentivized group members to take part. Nonetheless, this transfer drew criticism from crypto stakeholders, who identified that customers couldn’t withdraw their belongings till the mainnet launch.
With the profitable mainnet launch, customers have shortly withdrawn their caught belongings, resulting in the fast decline in TVL.
Regardless of this setback, Blast continues its operations, boasting over 1 million complete transactions on the community and witnessing the launch of a number of new decentralized functions.
Phishing websites on rampage
In the meantime, malicious actors have exploited Blast mainnet launch to proliferate phishing sites mimicking the layer2 community’s official platform.
Net 3 safety agency Rip-off Sniffer disclosed two situations the place people fell sufferer to those schemes, leading to a mixed loss exceeding $5 million in digital belongings.
In a single case, a person suffered a lack of $4.39 million, comprising $ALI and $PUSH tokens, after interacting with a fraudulent Uniswap Permit2’s Allow Batch message.
One other person encountered an analogous destiny, shedding $717,817 price of Aave BTC and Pandora tokens by way of an airdrop phishing website.
These incidents prompted Rip-off Sniffer to challenge a stark warning:
“There are too many phishing sites impersonating Blast! It’s time to remind you once again that clicking on links in Twitter comments is dangerous.”
Blast additionally echoed this sentiment, urging its group to train vigilance towards scammers and solely depend on official documentation for accessing block explorers, RPCs, and different chain-related info.
