First big scam of 2022: Frosties NFT investors lost $1.3 million in the rug pull

Unfortunately, the new year can’t start without some fuzz. We all learned what is a “rug pull” and the newest victims of one are the investors in the Frosties NFTs.

On January 9th creators of the digital tokens absconded with their funds that are around 1.3 million dollars and left the investors wondering what happened.

According to available information, the collection had 8,888 NFTs, and its floor price was 0.04 ETH which is roughly over $120.

Within an hour, all of the NFTs were sold, but instead of getting their prized asset, investors discovered that the project developers deactivated all communication channels to its community members.

Etherscan reveals that the developers had moved most of the funds out of the wallet attached to their OpenSea account to another wallet. Frosties NFT project was believed to have had big plans for their investors as it promised them “staking, metaverse [and] breeding functions.”

But the members of the community are not giving up on the project. They have made a discord chat where they are planning to bring to life Frosties NFT, and give the project a new chance.

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