NFT Scammers Finally Getting What They Deserve

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frens, we've all seen our fair share of crypto and NFT scams. I've written about a ton of them but it seems so rampant it's hard to keep up.

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The Frosties get Melted

Scams in crypto and NFTs are more than plentiful. When you combine a new asset class like crypto and NFTs with pseudo-anonymity.... You're gunna have bad actors out there trying to make a quick buck by taking advantage of others. In a lot of cases, these scammers make off with quite a bit more than a buck. Take a look at Pixelmon's $70 million scam if you wanna laugh and cringe yourself into the oblivion. Hell, check out Lana Rhoades' recent scam as well! Both of these made insane amounts of money and then ditched the project - that's what you call a rug pull. Anyway - my point is that there's a lot of this shit going on every day and it seems like they all get away with it. At least for now. I can't imagine the blockchain analytics and shit that law enforcement has to go through to identify these pieces of shit but.. I'm sure it's a lot.

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News broke yesterday that the 2 idiots behind Frosties NFTs were finally arrested. This was pretty quick honestly but they really didn't even try to hide. They did this shit all out in the open. Frosties is another one of those collections of 8,888 randomly generated characters that sold out within one hour for $130 in ETH each. I have to say - they're pretty damn cute but come one guys. We're better than this.

I know when you see something that even reminds you of a stupid monkey JPEG, you instantly think you're going to flip the NFT for a profit. This is almost never the case realistically. For whatever reason some of these collections explode in value, but not this one. I think a lot of is is the greater fool theory playing out but I'm no expert.

After selling out in under an hour, sales totaled over $1.1 million. It was time for these guys to disappear. They had made their quick buck by promising all kinds of rewards for investors. Then they ditched the project immediately.

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Since the website was taken down almost immediately, I pulled up the trusty ole Wayback Machine to get a glimpse of this shit before it rugged. They really went for it with this shit...

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They promised investors a "metaverse" game where you could breed your Frosties. They even promised staking for rewards and 3D models of your Frosties in a game.

There's nothing of actual substance on the website. Unfortunately we can only access the home page. That's enough for me though. I immediately saw red flags. When the project says the words "floor sweeps" as a reward... Run. This means they were promising to try and inflate the price by using royalties from secondary market sales to buy the lowest priced Frosties on the market.

This thing immediately collapsed with a confession via Discord from the creator to a moderator.

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What a bitch way to go out. Lol. "I've sent you some Ethereum for your troubles"... Luckily these 2 scammers we're smart enough to use VPNs and they were tracked via IP addresses through Discord. They also made the mistake of transferring stolen funds to Coinbase accounts connected to their names and social security numbers... WHAT!

I'm no professional scammer or anything but come on, that's begging to get hit. Use a VPN. Use a throw away computer. Only trade one DEX's. Convert funds to Monero or throw them in Tornado.cash. Wait. They could have easily gotten away with it but I'm glad they didn't. Fuckin idiots.

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Thanks for reading! Much love.

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27 comments
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This NFT FOMO has made me cringe just as much as the Onecoin and Bitconnect failures.

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Yeah but he supports splinterlands so he's just against NFT projects in his out group.

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Wow lol fomo strikes again. Just wait for Grand Theft Auto to launch NFTs and you will see how much they can be worth. Thus FUD has a lot more juice left in it

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Maybe they'll make a feature for GTA NFTs where people can steal them as a "surprise" mechanic.

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NFT collectible, like Beanie Babies are beyond logical understanding, but still fun to play in but yeah, I agree great these guys are being arrested.

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Nice to know they have been caught, but wish all the investors would be compensated for their losses.

Now, there is a new around that soon all DAPP SWAP may also ask for ID documents or at least signup to use the services. And I have few such services has already put registration process in action to use their DAPP services.

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That would be ideal but it's highly unlikely, at least in this case. A lot of apps will require KYC eventually I'm sure. I'm talking using smart contracts that aren't governed for swaps.

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Wow it's amazing to me how far a person and their greed will go and get themselves in trouble.. in jail or in financial ruin. That's just overrun by you guys capitalistic greed and i hope you all enjoy it. It's amazing to me that people will do everything in their power to waste money on worthless jpegs.not even held on a decentralized server in some cases huindreds of millions of dollars wasted that don't change the world .. don't spread economic prosperity just waste money and resources to be robbed and scammed because people are that stupid and dumb.

My project bitcoin myk and bbd coin has a little thing in it none called the citizen's dividend a very conservative idea that started in america over 300 years ago talked about by Thomas Paine. Could end poverty, reduce crime, stimulate the economy..the algo that runs it should win a noble prize takes everyone's content and in a meritcratis way gives it value and further makes the platform decentralized without a person deciding to control the distribution an economic marvel..it can do all these things as well as mass adopt and probably will at some future point .. but guess what in crypto because of our capitalist greed once again.

They are chasing unsustainable defi platforms as Vitalik warned they would...and they all belly flop after bitconnect ponzi scheme hype cycles. It's the worse of and destructive of capitalist greed. The americano capitalism that got industry giants at the time like america great @taskmaster4450

wasn't just about building crap we don't need to have the chinese or russians sell it to us. It was about hey i should take care of my worker.. he's just had a baby. if he's a happier worker he's going to be a great asset to this company for years to come. Not use you up until i can't anymore...

@whatsup and i'm just tagging you because i want you to know how i feel, lol. We're about to go into WW3 based on capitalist greed because Nato is expanding it's borders and boxing Russia into a corner they'll be like a deer soon with no forestry because of capitalist global protection of their interest and screw everybody else..So gives Russia no choice in the end but to do something.

i suppose @themarkymark is building these very same nfts, lol. On hive he's making us hive people just as dumb as everyone else.

We keep doing dumb things like spending billions of dollars to make peanut butter taste more peanut buttery and chocolate taste more chocolate when we could save a large scale of problems doing things and putting money in stuff that's ridiculous.

that's what nfts and defi is we keep pushing this crap around here. We're not creating any new value we're crazy people, lol. What does it take to get through to you people? How many bitconnects over and over again the same ole bitconnect back every year same strategy a different cast. this time it's you guys. wow wo w wow.. you people need to wake the hell up

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having scam in the NFT industry is what has made people think that NFT is a mere JPEG which is converted to a code and then flipped for money.

I am so surprised how people's greed to lead them to doing a lot of name damaging acts. It is good that these ones were apprehended.

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That's true but there were already many scams before there was crypto. People just like to look at the worst in things.

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as soon as NFTs became popular I knew the backlash would start because so many scams would be on the way. It makes it so much harder for the good projects to take hold. Bumbs me out but I don't really buy NFTs that aren't part of a game I play. Except for NBA and NFL. Those aren't scams, they just lose value all on their own lol

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Oh yeah, there's a lot of legit NFT projects that the NFTs just lose value without being a scam. I primarily buy game NFTs as well.

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I see this as good news. About time someone addressed the blatant cash grabs that are taking place daily in the NFT space...

Hopefully, it will also start a trend of sending NFT scammers to prison. No one deserves it more than they do.

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Well, easy come, easy go, and for these people who think they can get away with it, only the worst awaits them.

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Being Intelligent is one thing, being street smart is another. They were obviously not street smart.

So does all this mean we will have to need things like DeFi police? Or NFT watchdog? Or stuff like that because....................yes people are stupid to fall for shit all the time but......

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Realistically those things are not necessary nor would they even work. People just need to use common sense more and overcome greed.

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