- Ethan Vinh Nguyen and Andre Marcus Quiddaoen Llacuna were charged with conspiracy to commit wire fraud and conspiracy to commit money laundering
- The duo could face up to 20 years in prison, according to prosecutors
The 20-year-old creators behind an alleged $1.1 million NFT scam were arrested on Thursday — just days before launching a further potential fraud scheme.
Ethan Vinh Nguyen and Andre Marcus Quiddaoen Llacuna were charged with conspiracy to commit wire fraud and conspiracy to commit money laundering. The duo could face up to 20 years in prison, prosecutors said.
In January, Blockworks first reported operators of the non-fungible token (NFT) collection called Frosties funneled funds from the project after investors poured over $1 million into the cartoon ice cream digital collectibles. The collection was rugged, a crypto-native term for when a project’s developers jump ship after siphoning investor funds.
Marcellus King, a first-time collector who lost about $3,000 in ether from the rug pull, told Blockworks that he is “glad that justice was served to these scammers.”
“I’m also glad that others have been put on notice in this Wild West space that the authorities are watching,” King said.
“This will help bring more honesty and accountability to the NFT market.”
On Jan. 9, 8,888 Frostie NFTs were snatched up on marketplace OpenSea creators soon…
