Blast Network's layer 2 initiative, RiskOnBlast, has been compromised in a major exploit known as a rug pull, leading to a substantial loss of around 500 Ether (ETH).

This incident has sparked concerns among investors and analysts regarding the due diligence of the RiskOnBlast project.

The venture's backing by anonymous individuals with an unverified track record has further fueled these apprehensions.

The episode has prompted a reevaluation of the oversight and security measures in place for such projects, highlighting the potential risks involved in investments backed by anonymous entities.