The Frosties project shut down immediately after launch.
with fraud and money laundering over a cryptocurrency “rug pull” scheme. Ethan Nguyen and Andre Llacuna allegedly earned around $1.1 million by selling non-fungible tokens based on cartoon-like characters called “Frosties.” After selling the NFTs, they shut down the project and transferred its funds to a series of separate crypto wallets, leaving Frosties owners bereft of promised rewards.
The Frosties operators apparently remained confident enough to plan a follow-up series called “Embers” that was supposed to launch later in March. Embers’ roadmap included a $50,000 charity donation and a community-controlled wallet that would hold a quarter of the initial sales funds — and while the Red Cross confirmed receiving the donation, the latter promise appears far more dubious.
But among other details, investigators matched Nguyen and Llacuna’s Discord account data with corresponding accounts on the Coinbase cryptocurrency exchange. The Coinbase accounts were linked with a Citibank credit card and government ID that let law enforcement track the pair down. Investigators also traced a series of transfers through which Nguyen and Llacuna allegedly tried to obscure where they were sending the Frosties funds, leading to the money laundering accusations.
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