ZachXBT exposes scammers on the Ethereum Layer 2 network.
ZachXBT has exposed a malicious group targeting Layer 2 networks including Base, Blast, and #Arbitrum .
The group has been implicated in significant thefts from projects such as Magnate, Kokomo, Lendora and Solfire.
Cryptojackers have advised users to urgently withdraw their assets from suspicious platforms to avoid risk.
ZachXBT warned that the malicious group, known for #blockchain scams, has extended its tentacles to various #BTC Layer 2 networks including Base, Blast and Arbitrum.
According to cryptoinfo, the group has been involved in large-scale thefts from projects such as Magnate, Kokomo, Lendora and Solfire. The scammers typically collect seven-figure sums before getting rid of users' funds.
In its extensive report, ZachXBT says that the fraud syndicate has successfully laundered about $1 million in illicit funds. The group is now using those funds to lure unsuspecting people into Reaper Finance, a decentralized lending protocol that runs on the Blast network.
ZachXBT expanded on their nefarious activities and discovered a potential connection between this group and another lending protocol called Zebra Lending on the Base network. Investigators noticed that the creator of Zebra Lending had an address associated with the Lendora and Magnate Finance protocol funds. Zebra Lending boasts more than $300,000 in assets tied to its protocols.
The syndicate is also linked to Glori Finance, a cross-chain lending protocol created at Arbitrum. This protocol holds approximately $1.4 million in digital assets.
Therefore, ZachXBT recommends users to immediately withdraw their assets from these platforms to mitigate risks.
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