Frosties Rug Pull Duo Get their Comeuppance

Mon, 28 Mar 2022 11:47:21 +0000

Frosties NFT Rug Pull Charge

For all too long, undesirables inhabiting the NFT sphere have brazenly parted honest collectors with their hard-earned funds. Now however, in a hugely important ruling for the NFT space, US authorities have charged two ‘alleged’ wrongdoers with fraud and money laundering.

Back in January, alleged NFT fraudsters, Ethan Nguyen and Andre Llacuna conducted the now infamous ‘Frosties’ rug-pull. A cutesy, ice-themed NFT collection, where the founders had no intention to see the project through. After running away with approximately $1.1 million, that very same duo attempted the same diabolical scheme.

Due to arrive later this month, the team were preparing to launch their second collection, Embers. A cutesy, fire-themed NFT collection where presumably the founders had no intention to see the project through. Before they managed to go live however, the authorities descended on them with full force.

The Inland Revenue Service Criminal Investigation team and Homeland security opened the investigation back in January. Following a number of leads, they traced the wallet addresses back to a set of Coinbase KYC. Afterwards, it was all too easy to track down the devious pair and charge them with their crimes.

If found guilty following criminal proceedings, the pair of miscreants could face up to 20 years in prison. Good news for the honest cross-section of society, as these previously unpunished crimes will now have very real, tangible consequences.

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