SlowMist identifies stolen StETH transfer to Blast mainnet, compromised private key leak
Posted: March 1, 2024 6:02 AM Updated: March 1, 2024 10:36 AM
Correction and fact check date: March 1, 2024, 6:02 AM
briefly
SlowMist has received four reports of stETH being stolen and cross-chain transferred to the Blast mainnet, with losses exceeding 100 stETH.
MistTrack, an anti-money laundering tracking tool from blockchain security company SlowMist, reports a case where staked Ethereum (stETH) was reported stolen and then transferred cross-chain to the Blast mainnet, according to information shared by company founder Yu Xian. received at least 4 times. On social media platform
A recurring pattern observed involves the transfer of a small amount of Ethereum (ETH) fees from an address with a clear trace to a stolen address, including an exchange, followed by a cross-chain transfer of stETH to the Blast mainnet for subsequent transactions. Finally, the small amount of ETH remaining in the victim’s address is transferred to various Ethereum addresses.
Confirmed losses exceed 100 stETH, indicating the possibility of a group event. It is suspected that these victims’ mnemonic phrases or private keys were compromised, allowing the attackers to begin activities on the Blast mainnet.
Ethereum Layer 2 network Blast (BLAST) recently launched its mainnet, allowing early access users to connect cross-chain to the mainnet and use Blast’s native decentralized applications (DApps).
Since mainnet launch, Blast has secured over $2.3 billion in withdrawable assets. Current platform holdings are approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI.
Explosive launch attracts great attention
Founded in 2023, Blast is an EVM-compatible scaling protocol that leverages Optimistic Rollups and offers a native return model for ETH and stablecoins, providing passive income opportunities in the range of 4-5% per annum. The platform was backed by a $20 million investment from venture firms Paradigm Capital and Standard Crypto. After several months of operation, there was a notable surge in Total Value Locked (TVL) exceeding $2.3 billion with 180,000 actively participating users.
However, since its launch, Blast has received significant attention not only from users, builders, and investors, but also from malicious actors.
Recently, the Blast ecosystem encountered its first rug pull event when RiskOnBlast, an anonymous account claiming to represent a gambling and exchange platform, raised 420 ETH (equivalent to $1.3 million) from investors before suddenly disappearing.
In another incident, monitoring by Web3 anti-fraud solution Scam Sniffer revealed that a specific address had lost more than 10 bitcoins (BTC) promised to a lending platform. Interaction with the fraudulent Blast airdrop website (clicking on signature verification) resulted in Aave and some PANDORA tokens. The total loss was approximately $717,817.
The project’s recent anticipated mainnet launch has brought with it both progress and challenges, demonstrating the potential for innovation along with security concerns and highlighting the need for constant vigilance in the rapidly evolving blockchain environment.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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