Markets News Report
March 01, 2024

SlowMist Identifies Stolen StETH Transfer to Blast Mainnet, Victim’s Private Keys Leaked

In Brief

SlowMist received four reports where stETH was stolen and cross-chain transferred to the Blast mainnet, confirmed losses surpass 100 stETH.

SlowMist Discovers Multiple Incidents of StETH Stolen and Cross-chained to Blast Mainnet, Victim’s Private Keys Supposedly Compromised

Blockchain security company SlowMist‘s anti-money laundering tracking tool MistTrack received a minimum of four instances where staked Ethereum (stETH) was reported stolen and subsequently cross-chain transferred to the Blast mainnet, according to the information shared by the company founder, Yu Xian, on the social media platform X.

The recurring pattern observed involves a transaction of a small amount of Ethereum (ETH) fee sent from an address with obvious traces, including exchanges, to the stolen address, followed by the cross-chain transfer of stETH to the Blast mainnet for subsequent transactions. Finally, the remaining small amount of ETH in the victim’s address is then transferred to various Ethereum addresses.

The confirmed losses surpass 100 stETH, indicating a probability of a group event. It is suspected that these victims’ mnemonic phrases or private keys were compromised, enabling the attackers to initiate activities on the Blast mainnet.

Ethereum Layer 2 network Blast (BLAST) recently launched its mainnet, allowing its early access users to cross-chain to the mainnet and use Blast’s native decentralized applications (DApps).

Following the mainnet launch, Blast made over $2.3 billion in assets available for withdrawal. Currently, the platform holdings encompass approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI. 

Blast Launch Generates Significant Attention

Founded in 2023, Blast, an EVM-compatible scaling protocol utilizing Optimistic Rollups, provides a native yield model for ETH and stablecoins, offering an annual passive income opportunity ranging from 4-5%. The platform was supported by a $20 million investment from venture firms Paradigm Capital and Standard Crypto. Over a few months of functioning, it experienced a notable surge in Total Value Locked (TVL), exceeding $2.3 billion, with active participation from 180,000 users.

However, since its launch, Blast attracted substantial attention not only from users, builders and investors but also from bad actors. 

Recently, the Blast ecosystem encountered its first rug pull event as an anonymous account, RiskOnBlast, claiming to represent a platform for gambling and exchange, raised 420 ETH (equivalent to $1.3 million) from investors and abruptly vanished.

In another incident, Web3 anti-scam solution Scam Sniffer monitoring revealed that a specific address incurred a loss of over 10 Bitcoin (BTC) pledged on lending platform Aave and some PANDORA tokens due to interaction–clicking on the signature authorization–with a fraudulent Blast airdrop website. The total loss amounted to approximately $717,817.

The recent mainnet launch of the anticipated project has resulted in progress and challenges, showcasing the potential for innovation alongside security concerns and emphasizing the need for continuous vigilance in the rapidly evolving blockchain landscape.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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