AI Trading

The investors of Frosties NFT got tricked into the project via guarantee of giveaways and rewards. Investors linked to an NFT (non-fungible token) collection named Frosties, have been swindled for more than $1M.

Up to $1.3M swindled from the investors of Frosties NFT

As per the available data, there were more than 8,888 NFTs in the respective collection with 0.04 ETH (nearly $120) as its base price. During just an hour, the entire amount of NFTs was sold, nevertheless rather than acquiring the rewarded assets thereof, it was detected by the investors that the communication channels interlinking the community members were deactivated by the project developers.

It was further disclosed by Etherscan that the majority of the funds had been moved from the wallet linked with the OpenSea account of the project to some other wallet by the developers. It was supposed that the project of Frosties NFTs would have some huge strategies for the investors because it assured to provide breeding and metaverse functions. Apart from this, it was additionally promised by the project that holders rewards such as airdrops, giveaways, instant reach to games based on metaverse, as well as, unique mint passes for the impending seasons.

Marcellus King – an investor that is a novice in the space – stated that almost $3000 was invested by him in the project. He added that he was initially skeptical regarding the project however was convinced after witnessing that a growing community was becoming a part of the project along with the provision of an artwork, a seemingly legal site, and an account on OpenSea. Unluckily, the whole project was just a trap to allure the public and swindle a considerable investment out of them.

AI Trading

The investors strive to acquire their funds

The project’s initial developers probably have taken away the investors’ funds with them nonetheless the investors do not seem to be hopeless. The initial NFT holders have created a Discord chat group where the matter of unrugging of their funds is being discussed at present.

The group would potentially develop a kind of wrapped contract to assist in returning the swindled funds to those who are the rightful owners. A responsible participant of the respective group (which has more than 1400 members) revealed that their exclusive focus is on operating at that back to have control over the project by hook or by crook.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.