NFT Frosties Project Pulls the Carpet, Investors Losing More than $ 1 Million

Investors in the NFT Frosties collection were cheated of over $ 1 million after the creators of the non-fungible token ran away in January.

NFT Frosties investors lose $ 1.3 million

According to the information available, the collection consists of 8,888 NFTs with a minimum price of 0.04 ETH or more than $ 120.

All of the NFTs were sold within an hour, but instead of receiving their valuable assets, investors found that the property developer had shut down all channels of communication with community members.

Note the data from Etherscan, the developers have moved most of the funds from the wallet that was linked to their OpenSea account to another wallet.

The NFT Frosties project has big plans with investors and promises them “staking, metaverse and breeding functions”.

In addition, the project also promises the owners rewards such as “gifts, airdrops, early access to the Metaverse game and Mint passes exclusively for the coming season”.

Marcellus King, who first invested in this space, said he invested around $ 3,000 in the scam project despite being skeptical but convinced after seeing that it has “a large community.” with lots of activities, roadmap, searchable website, OpenSea account and artwork. “

Unfortunately, this is a ploy to get the public to invest in the project.

What do investors do to get their money back?

The project developers may have wiped out the investors’ money, but they do not seem to have given up hope of repayment.

The NFT holder originally set up a chat group on Discord and is currently discussing how to “free the Frosties”.

The team is currently looking into developing a wrap contract that could help return the stolen funds to the rightful owner.

A group moderator with more than 1,400 members announced that they are “actively working to take control of the project one way or another”.

Current NFT Scams

While this may be the first known NFT scam this year, there have also been several scams over the last year.

One such scam was the NFT Iconics project running on Solana, which scammed investors over $ 130,000 and sent them a random collection of emojis instead.

However, the new partnership between the Nervos and Pastel networks will attempt to address issues such as “carpet drawing, disappearing NFTs, data loss and manipulation”.

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