The Frosties Rug Pull Duo has been around for a while and is now in the news because it was hacked. This NFT can be traded on CryptoKitties, but without any real value behind them these goods are just another creation of our imagination. The good news is that we have an opportunity to reclaim something from this mess: a lesson about how not to create your own items in blockchain games — no matter what type of game you’re making!

The “frosties nft” is a popular meme that has been around since the beginning of 2018. The “frosties nft” was originally created by a user on 4chan’s /pol/ board.

Frosties Rug Pull Duo Get their Comeuppance

Undesirables in the NFT realm have for far too long defrauded honest collectors of their hard-earned money. However, in a significant development for the NFT industry, US authorities have charged two ‘alleged’ wrongdoers with money laundering and fraud.

Ethan Nguyen and Andre Llacuna, suspected NFT scammers, pulled the now-famous ‘Frosties’ rug in January. The makers of a charming, ice-themed NFT collection had no intention of seeing the project through. That same couple tried the same devious ploy after making off with around $1.1 million.

The team was getting ready to unveil its second collection, Embers, later this month. A adorable NFT collection with a fire motif, where the creators probably had no intention of seeing the project through. However, before they could go live, the police swarmed them with full force.

Wire fraud and money laundering are both punishable by a potential penalty of 20 years in jail for two 20-year-old NFT rugpullers.

So reporting to CI is a viable option. Perhaps we should send them some more names. pic.twitter.com/UfiCo2lAW3 WAGMI

— @NFTherder (@OKHotshot.eth) March 24, 2022

The inquiry was launched in January by the Internal Revenue Service Criminal Investigations division and Homeland Security. They tracked the wallet addresses back to a set of Coinbase KYC after following many clues. It was all too simple to hunt down the nefarious duo and prosecute them with their crimes after that.

The duo of criminals may face up to 20 years in jail if proven guilty in criminal proceedings. These previously unpunished acts will now have very real, palpable repercussions, which is good news for the honest sector of society.

 

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  • ethan nguyen
  • ethan nguyen and andre llacuna
  • embers nft