In a recent development, the world of cryptocurrency is once again under the scrutiny of investigators due to the activities of a group suspected of laundering approximately $1 million to fund a new fraudulent scheme. According to ZachXBT, a notable on-chain detective, this unnamed group has a history tied to various cryptocurrency scams and has now shifted their operations to a new platform known as Base.
The saga began when the group moved funds from an Ethereum address previously linked to their dubious activities. These funds were then transferred to another address operating on the Polygon network, a move indicative of the scammers’ sophisticated methods of masking their tracks. By converting these assets into wrapped Ether (wETH), they utilized bridging services including Orbiter and Bungee to navigate across multiple blockchain networks seamlessly.
The investigation highlights that these funds were ultimately funneled into the Blast network. Here, they were possibly directed towards an address associated with Leaper Finance, a decentralized lending protocol that is over-collateralized. This action was perceived by ZachXBT as a strategic maneuver to create a sudden influx of liquidity, ostensibly to attract and trap unwary investors.
Parallel to these findings, ZachXBT identified that the perpetrators might also be involved with another project on Base named ZebraLending, which currently reports a total value locked (TVL) of approximately $311,000. This connection points to a larger, more coordinated effort to establish multiple fronts for their illicit activities.
As these events unfold, the crypto community remains vigilant, with experts like ZachXBT playing a crucial role in unveiling the tactics employed by scammers to exploit the digital asset landscape. Such investigations are essential in safeguarding investors and maintaining the integrity of the rapidly evolving cryptocurrency sector.
