Blast Crypto Network Shutting Down, $51 Million at Risk

Blast, a crypto network that held 2240000000 dollars in June 2024, is shutting down due to unsustainable operating costs. In the past day, it earned 110 dollars in chain revenue. As a Layer 2 network on Ethereum, Blast offered interest on deposits and promised token rewards, but the Blast (BLAST) token fell 19% following the announcement. Founder Tieshun Roquerre, known as Pacman, expressed disappointment over the inability to maintain a sustainable chain. Value locked on Blast has dropped to 32300000 dollars from its peak, a decline of nearly 99%. About 51000000 dollars bridged from Ethereum remains in Blast's contracts, with 46600000 dollars staked ETH held with Lido. Users have until October 26 to access the normal app; afterward, they must interact directly with Blast's contracts on Ethereum. Five keyholders control these contracts, and any three can change them or pause withdrawals. The system's fraud-proof mechanism has not fully functioned, posing risks of fund loss. Blast's closure adds to a series of 2026 shutdowns in the crypto space.

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