Blast
Summary
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
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2023-11-21
Blast deposit bridge went live in invite-only early access; $30 million bridged within hours. Withdrawals locked for approximately three months.
CoinDesk2023-11-22
Polygon Labs developer Jarrod Watts publicly criticized Blast's 3-of-5 multisig upgrade control and absence of published keyholder information.
CCN2023-11-24
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.
CoinTelegraph2024-02-25
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.
CoinDesk2024-02-29
Blast mainnet launched at 9 PM GMT, enabling the first withdrawals from the network after deposits had been locked since November 2023.
Crypto Times2024-03-13
Blast network experienced a brief outage related to Ethereum's Dencun upgrade; core engineering contributors resolved the issue.
Unchained2024-03-21
Super Sushi Samurai (SSS), a gaming token on Blast, was exploited for $4.6 million through a smart contract vulnerability enabling unauthorized minting.
CoinDesk2024-03-26
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.
CoinTelegraph2024-03-27
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.
Decrypt2024-04-15
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.
Invezz2024-06-26
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.
Decrypt2025-05-01
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
- hash: Ba1fxsiDB5CXKMTfvhEXirmsedoXiModQHvjrzi93ZPF
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 7:31:57 AM
last updated: 5/31/2026, 7:32:03 AM
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