Frosties NFT traders rug pulled, loses over $1 million

Traders in a non-fungible token (NFT) assortment referred to as Frosties, have been scammed for over $1 million after creators of the digital tokens absconded with their funds on January ninth.

Frosties NFT traders misplaced $1.3 million

In line with obtainable info, the gathering had 8,888 NFTs, and its ground value was 0.04 ETH which is roughly over $120.

Inside an hour, all the NFTs had been offered, however as an alternative of getting their prized asset, traders found that the challenge builders deactivated all communication channels to its neighborhood members.

A have a look at Etherscan would additional reveal that the builders had moved a lot of the funds out of the pockets connected to their OpenSea account to a different pockets. 

The Frosties NFT challenge was believed to have had huge plans for his or her traders because it promised them “staking, metaverse [and] breeding capabilities.”

Except for this, the challenge additionally promised holders rewards like “giveaways, airdrops, early entry to the metaverse sport, and unique mint passes to the upcoming seasons.”

A primary-time investor within the house, Marcellus King, stated that he invested round $3000 to the rip-off highlighted how he was first skeptical concerning the challenge however he was satisfied about it after seeing that it “had a thriving neighborhood with plenty of exercise, a roadmap, authentic wanting web site, OpenSea account, and paintings.”

Sadly, this was a ruse to lure the general public into investing within the challenge.

The traders are engaged on learn how to get their funds again

The unique builders of the challenge might need gone away with the funds of the traders, however it seems that they don’t seem to be giving up hope on the challenge.

The unique holders of the NFT have fashioned a Discord group chat the place they’re presently discussing “unrugging the Frosties.”

The group is presently taking a look at growing a wrapped contract that might assist return the stolen funds to their rightful house owners.

One moderator of the group with over 1400 members disclosed that they’re “diligently working behind the scenes to get management of the challenge a technique or one other.”

NFT scams in latest instances

Whereas this may be the primary recognized NFT rip-off of this 12 months, we reported a variety of scams within the house final 12 months.

One in all such scams we reported concerned a Solana-based NFT challenge, “Iconics,” which defrauded traders of over $130,000 and despatched them a random assortment of emojis as an alternative.

Nonetheless, a brand new partnership between Nervos networks and Pastel would look to fight points like “rug pulls, NFT disappearances, information losses, and manipulation.”

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