Ethereum Network Blast Is Shutting Down: Who Controls Users' Last $51 Million?

Key points

• Blast, an Ethereum Layer 2, is shutting down after the team said operating costs exceed the L2's revenue with no credible fix.
• About $51 million bridged from Ethereum remains in Blast contracts, mostly $46.6 million in Lido staked ETH, per L2BEAT; app access ends October 26.
• L2BEAT shows five keyholders control the contracts, any three can alter them or pause withdrawals, and the fraud-proof system never fully worked.

AI summary of BeInCrypto’s report, written only from the publisher’s text. Read the original for full context.