There is justice, and it is coming to the NFT space. The Department of Justice has taken action against an alleged nonfungible token rug pull after it slapped the founders of the “Frosties” project with charges relating to fraud and money laundering.
The Department of Justice has taken action against an alleged nonfungible token rug pull after it slapped the founders of the “Frosties” project with charges relating to fraud and money laundering.on the Frosties community by failing to deliver on the project’s roadmap and “utility,” which touted rewards for NFT hodlers, giveaways, access to a metaverse game and exclusive access to future mints from the project.
According to a Thursday release from the Attorney’s Office of the Southern District of New York, 20-year-olds Ethan Nguyen and Andre Llacuna were in Los Angeles and both charged with one count of wire fraud and one count of conspiracy to commit money laundering in “connection with a million-dollar scheme to defraud purchasers” of the NFTs “Frosties.”that they “abruptly abandoned” and shut down the project within hours of selling out $1.1 million worth of NFTs, and transferred the proceeds to various crypto wallets “under their control in multiple transactions designed to obfuscate the original source of funds.
“As the term suggests, a ‘rug pull’ refers to a scenario where the creator of an NFT and/or gaming project solicits investments and then abruptly abandons a project and fraudulently retains the project investors’ funds,” the release stated. WOW: if you rugpull and don't complete your roadmap, you can be charged with fraud. So many rappers and influencers shaking rn.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
DOJ unveils charges amid investigation into Frosties NFT 'rug pull'The Department of Justice said Thursday that it has charged two individuals with conspiracy to commit wire fraud and conspiracy to commit money laundering
Les mer »
Feds Charge Two 20-Year-Olds In Alleged NFT Money Laundering, ‘Rug Pull’ SchemeThe pair’’s “Frosties” project took in $1.1 million before the founders absconded with the funds, prosecutors say.
Les mer »
Two men arrested for $1.1 million NFT ‘rug pull’ scamThe Frosties project shut down immediately after launch.
Les mer »
Feds Charge Two 20-Year-Olds In Alleged NFT Money Laundering, ‘Rug Pull’ SchemeThe Department of Justice hit a pair of 20-year-olds with fraud and money laundering charges on Thursday for their role in a $1.1 million scheme involving NFTs.
Les mer »
Japanese Software Giant Line Plans to Launch NFT Market Next Month – Bitcoin NewsThe Japanese messenger software firm Line Corporation has announced the company is introducing an NFT marketplace on April 13.
Les mer »
Don’t Blame NFT Artists for Mining’s Environmental Cost, Says Researcher Kyle McDonald“I don't want to focus on whether any individual [NFT] artists should be working with proof-of-work,” climate-impact researcher kcimc tells lil_smush. “I want to focus on the exchanges, the marketplaces.” MiningWeek, presented by FoundryServices
Les mer »