Blast
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anchored·gSSfa5…yJFGSummary
Blast is an Ethereum Layer 2 optimistic rollup that launched in November 2023, distinguished by its 'native yield' mechanism routing bridged ETH and stablecoins through Lido and MakerDAO respectively. Founded by Tieshun Roquerre ('Pacman'), the creator of the Blur NFT marketplace, Blast raised $20 million from Paradigm and others, attracted over $2 billion in TVL before its February 2024 mainnet launch, and airdropped the BLAST token in June 2024. The network has since experienced a dramatic decline, losing approximately 97% of its peak TVL and facing persistent criticism over centralization, lack of fraud proofs, a controversial airdrop distribution, and multiple high-profile exploits on ecosystem applications.
Connected Entities
10 entities · 60 linked investigations- RiskOnBlast→mentioned with→Blast(70%)
- RiskOnBlast→mentioned with→ZachXBT(70%)
- RiskOnBlast→mentioned with→Arbitrum(70%)
- Optimism→mentioned with→Arbitrum(65%)
- ZachXBT→mentioned with→Ethereum(70%)
- Optimism→mentioned with→Ethereum(80%)
- Super Sushi Samurai→mentioned with→Ethereum(70%)
- Super Sushi Samurai→mentioned with→Blast(70%)
- ChangeNOW→mentioned with→Ethereum(65%)
- Blast→mentioned with→Ethereum(80%)
- + 16 more
Connected Through
10 shared actors · 626 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- □Arbitrumorganization
- □Polygonorganization
3 submissions awaiting moderator review.
Timeline(13 events)
21 November 2023
Blast deposit bridge went live in invite-only early access; $30 million bridged within hours. Withdrawals locked for approximately three months.
CoinDesk22 November 2023
Polygon Labs developer Jarrod Watts publicly criticized Blast's 3-of-5 multisig upgrade control and absence of published keyholder information.
CCN24 November 2023
Blast surpassed $400M TVL within one week of launch. Paradigm GP Dan Robinson publicly stated the firm disagreed with Blast's decision to launch the bridge before the L2 and prohibit withdrawals.
CoinTelegraph16 January 2024
Blast testnet launched, allowing developers to begin building on the network.
CoinDCX Blog25 February 2024
RiskOnBlast, a gambling protocol promoted by Blast's official X account, conducted an alleged rug pull, disappearing with approximately 420 ETH ($1.3 million) raised from over 750 wallets.
CoinDesk29 February 2024
Blast mainnet launched at 9 PM GMT, enabling the first withdrawals from the network after deposits had been locked since November 2023.
Crypto Times13 March 2024
Blast network experienced a brief outage related to Ethereum's Dencun upgrade; core engineering contributors resolved the issue.
Unchained21 March 2024
Super Sushi Samurai (SSS), a gaming token on Blast, was exploited for $4.6 million through a smart contract vulnerability enabling unauthorized minting.
CoinDesk26 March 2024
Munchables, an NFT game on Blast, was exploited for approximately $62.5 million (17,413 ETH) by a rogue developer suspected of North Korean affiliation who had embedded a backdoor into the smart contracts.
CoinTelegraph27 March 2024
The Munchables developer returned all $62.5 million in stolen funds without conditions after direct pressure from the project team and Blast's Tieshun Roquerre.
Decrypt15 April 2024
ZachXBT identified Leaper Finance on Blast as allegedly operated by a serial fraud group responsible for stealing eight figures across multiple chains using forged KYC and complicit auditors.
Invezz26 June 2024
BLAST token airdrop went live, distributing approximately $354 million in tokens. Immediate selloff pressure emerged; token opened at approximately $0.025 and fell. Network TVL dropped over 30% in subsequent weeks.
DecryptMay 2025
Blast's official X account (@Blast_L2) became inactive, with no communications published since approximately this date. Network TVL had fallen approximately 97% from peak to around $88 million.
Brave New CoinDecision Log
- slot 426514645 · hash 3oojnxGSkwbhr6F8GgKrof46uabmCDucUjADTtUty1ga
- slot 426514642 · hash 9g94m84DxnQD7nmjStDj99SJPkx6JpVoSnyGN6s9yhKQ
- slot 423329480 · hash Ba1fxsiDB5CXKMTfvhEXirmsedoXiModQHvjrzi93ZPF
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 18 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:31:57 AM
last updated: 5/31/2026, 7:31:58 AM
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