Cryptocurrency

DOJ Charges Two People in Million-Dollar Scheme to Defraud Investors – Regulation Bitcoin News

The U.S. Division of Justice (DOJ) has charged two individuals allegedly behind a million-dollar non-fungible token (NFT) “rug pull” scheme. They deserted the NFT mission inside hours after promoting out, deactivated the web site, and transferred over $1 million in crypto to the wallets they managed, the justice division defined.

NFT Purchasers Defrauded in a Rug Pull Rip-off

The U.S. Justice Division introduced Thursday that two 20-year-olds have been charged in a “non-fungible token (NFT) fraud and money-laundering scheme.” The defendants, Ethan Nguyen and Andre Llacuna, allegedly defrauded purchasers of NFTs marketed as “Frosties.”

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In accordance to the DOJ, on or about Jan. 9, the defendants “deserted the Frosties NFT mission inside hours after promoting out of Frosties NFTs, deactivated the Frosties web site, and transferred roughly $1.1 million in cryptocurrency proceeds from the scheme to varied cryptocurrency wallets beneath their management in a number of transactions designed to obfuscate the unique supply of funds.”

U.S. Legal professional Damian Williams stated:

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