The GambleFi platform, a burgeoning gambling project within the Blast layer-2 ecosystem, has seemingly evaporated, leaving investors questioning the whereabouts of 420 ETH ($1.25 million) raised during a presale for its token named RISK.

This event, occurring shortly after the presale concluded on February 23, marks what is suspected to be the first "rug pull" in Blast's history; a term referring to a fraudulent scheme where developers abscond with investors' funds.

The abrupt disappearance of the project's funds, website, and social media channels has drawn significant attention, leading to investigations.

Arkham Intelligence reports that the RiskOnBlast project's balances plummeted to zero as the collected funds were methodically transferred out on February 25, later identified as being moved in segments to ChangeNOW, a non-custodial cryptocurrency exchange platform.