Scammers exist in various aspects of life, including the cryptocurrency ecosystem, where the complexities and high volatility of digital assets lure unsuspecting victims into traps. A group of crypto scammers has now set their sights on a new scheme, targeting users on the Blast network.

Known for their fraudulent activities on platforms like Magnate, Kokomo, and Lendora, this scam group has recently initiated a new plan within the Blast network. They have a history of swiftly launching projects that accumulate substantial Total Value Locked (TVL), prompting caution among investors as flagged by Blockchain investigator ZachXBT.

Proceeds from the fraudulent activities were initially transferred from an Ethereum address to a new address on the Polygon network. The assets were then converted into Wrapped ETH (wETH) and circulated across numerous blockchains via interfaces like Orbiter and Bungee. By acquiring LEAP tokens using these assets, the scammers are increasing liquidity in a potential trap scenario identified by ZachXBT, who suspects a connection to another suspicious project called ZebraLending on the Base platform.

Under the scrutiny of crypto detective ZachXBT, this scam group has been observed conducting similar operations on various networks, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche. Working with entities that lack comprehensive code audits, they mislead victims into believing in the credibility of their schemes.

Investors are advised to exercise caution amidst the influx of scam activities on buzzing networks. An alarming report highlighted that nearly half of the presales introduced on the Solana network turned out to be fraudulent. The Blast network, slated for a new launch by month-end with a TVL of $2.1 billion, attracts significant attention from crypto enthusiasts but faces risks from malicious actors introducing protocols with deceptive intentions.