Frosties NFT creators charged with ‘rug pull’ investor fraud

Two men were charged with defrauding investors of more than RM4.22mil, when they abandoned their NFT project after selling out of the tokens. — Bloomberg

Two 20-year-old Los Angeles men were charged with defrauding investors of more than US$1mil (RM4.22mil) by creating a series of NFTs and abandoning the project after selling out of the tokens.

Federal prosecutors in New York on Thursday charged Ethan Nguyen and Andrew Llacuna with wire fraud and conspiracy to commit money laundering.