Letter to the @Blast_L2 team. One of the biggest exploits in recent times happened before our eyes, and people lost 62,5 million dollars... I'm disappointed and have a lot to say, but let's start a little from afar. Many influencers shilled @_munchables_ for free to get a "bonus" sharing their ref links to gain Blast Gold. Blast Gold is a demand factor for these projects rather than quality and team execution. Such a scenario lowers the entry barrier for scammers and amateur teams. Now, picture this. Huge influencers like Dingaling, Cirrus, Loopify, NFTStatistics, etc., shilled the project, where you deposit money, and in return, you get NFTs, Blast Gold, and partner points. It looked like a game where you can't lose, right? Almost every project brings x2+ opportunities, and in the end, there is a fraudulent one that can take away most or all of your liquidity. It's possible because projects with a "deposit-to-earn" system attract significant investments and are considered safe rather than risky. So, in reality, people are walking through a minefield. Let's consider the contrast with ETH or SOL, where high entry barriers and no additional motivation require significant effort to get onto the whales' and influencers' radar. Meanwhile, on Blast, you can submit a low-effort project where the contract has no audit that offers basic features like staking, adding it up with a referral system. Congratulations! All the top influencers and whales have joined you because your project is backed by Blast Gold : ) It doesn't mean I want to blame influencers for what happened; they repeatedly warned about the risks and asked not to copy their deals and to DYOR. Blast organizes this whole financial game, so they are responsible. They break the balance: low-quality projects get more attention, and the risk shifts because of the huge Blast Gold return. The Blast team should be more careful about the projects they give Blast Gold to and audit them thoroughly, maximizing safety and security, because it's not the first time a project from the Blast Competition has screwed up. Please audit the contracts of the current and following winners! I thought the Big Bang winners would be audited by the Blast team... Speaking about the future fate of Blast. @_munchables_ was in the top 6 of Blast Dapps, so things look much more tragic. These midjourney-type little critters were 6% of Blast TVL : 100 million / 1.5 billion! These funds were mixed in various defi protocols that probably carry bad debts, which could cause a domino effect. For now, @juice_finance says their funds are safe. However, it could still cause panic and spikes in rates in different protocols, according to liquidations. The Blast team is facing a hard choice 1) Leave everything as it is and let the money go forever 2) To return the txn and set up a precedent It's hard to judge the right decision, but I am sure that the Blast team should take full responsibility for what happened and return the funds either by canceling the transaction or via Blast tokens. People are at fault, but it's the right thing to do for the Blast! The end. P.S. I am not a victim; on the contrary, I urged people not to invest in this project. I feel sorry for the people who lost their money; there are mates and people I respect among them. I don't have many followers, but I hope some people share my thoughts. For more information about the situation, follow the posts: @CirrusNFT @0xCygaar @PopPunkOnChain @0xQuit @punk9059 @zachxbt
@Blast_L2 @_munchables_ Regarding the lack of contract audit
@bamboo__eth @Blast_L2 @_munchables_ Very complex situation here The first issue is the fact they even have the option to halt/roll back the chain Because when something like this happens that puts you in a horrible position Its not as simple as saying I chose decentralisation
@bamboo__eth @Blast_L2 @_munchables_ Sad folks lost money to this
@bamboo__eth @turkxzz @Blast_L2 @_munchables_ Best response I’ve seen:
@bamboo__eth @thomasjeans @Blast_L2 @_munchables_ Very insightful fren