Frosties

Rug Pull

NFT · born 2022 · ✝ 2022

An NFT mint whose creators vanished hours after selling out.

Frosties was an NFT collection that sold out for ~$1.3M, then its creators pulled the website and socials and disappeared. Two founders were later arrested and charged by US authorities.

Peak: ~$1.3M raised
Cause: Rug Pull
Year of death: 2022

☠️ Cause of death

Right after the sale, the founders transferred funds out and abandoned the project; the DOJ arrested them for wire fraud and money laundering.

📓 Lessons left behind

—Anonymous NFT teams can disappear post-mint.
—Promised roadmaps and 'utility' often never ship.
—On-chain fund flows help law enforcement trace rug pulls.

🌱 The idea that survived

Doxxed teams & escrowed mints

Reputation systems and escrowed mint funds emerged to deter mint-and-run rug pulls.

#nft#rug#soft-rug