Frosties NFT Rug Pull - Revision history

Azoundria at 22:58, 10 May 2024

2024-05-10T22:58:04Z

← Older revision		Revision as of 16:58, 10 May 2024
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	The community rebranded the project into "Wrapped Frosties" and relaunched a wrapped token, along with another "Cutie Pies" NFT set, with proceeds all going towards a fund for affected users. The new token allowed holders of the existing Frosties NFTs to migrate to the new token and retain what they held. The creators of the original Frosties NFT Ethan and Andre are now facing the prospect of 20 years in prison for their fraud if convicted.		The community rebranded the project into "Wrapped Frosties" and relaunched a wrapped token, along with another "Cutie Pies" NFT set, with proceeds all going towards a fund for affected users. The new token allowed holders of the existing Frosties NFTs to migrate to the new token and retain what they held. The creators of the original Frosties NFT Ethan and Andre are now facing the prospect of 20 years in prison for their fraud if convicted.

	This is a global/international case not involving a specific country.<ref name="decrypt-10253" /><ref name="decrypt-10254" /><ref name="protocol-10255" /><ref name="opensea-10258" /><ref name="frostiesnftstwitter-10260" /><ref name="frostiesnftstwitter-10261" /><ref name="frostiesnftstwitter-10262" /><ref name="taznfttwitter-10263" /><ref name="frostiesnftstwitter-10264" /><ref name="frostiesnftstwitter-10265" /><ref name="frostiesnftstwitter-10266" /><ref name="frostiesnftstwitter-10267" /><ref name="frostiesnftstwitter-10268" /><ref name="frostiesnftstwitter-10269" /><ref name="morganchittumtwitter-10270" /><ref name="papatoasterrtwitter-10271" /><ref name="msn-10272" /><ref name="reddit-10273" /><ref name="reddit-10274" /><ref name="frostiesnftstwitter-10275" /><ref name="bliksemboitwitter-10276" /><ref name="frostiesnftstwitter-10277" /><ref name="frostiesnftstwitter-10278" /><ref name="mrexitliquiditytwitter-10282" /><ref name="frostiesnftstwitter-10283" /><ref name="frostiesnftstwitter-10284" /><ref name="frostiesnftstwitter-10285" /><ref name="frostiesnftstwitter-10287" /><ref name="wizardofsohotwitter-10288" /><ref name="mktsinsidertwitter-10289" /><ref name="businessinsidermarkets-10290" /><ref name="frostiesnftstwitter-10291" /><ref name="frostiesnftstwitter-10292" /><ref name="frostiesnftstwitter-10293" /><ref name="vice-10294" /><ref name="embersnfttwitter-10295" /><ref name="mashable-10296" /><ref name="youtube-10297" /><ref name="blockworkstwitter-10298" /><ref name="blockworks-10299" /><ref name="business2community-10300" /><ref name="justicedepartment-10301" />		This is a global/international case not involving a specific country.<ref name="decrypt-10253" /><ref name="decrypt-10254" /><ref name="protocol-10255" /><ref name="opensea-10258" /><ref name="frostiesnftstwitter-10260" /><ref name="frostiesnftstwitter-10261" /><ref name="frostiesnftstwitter-10262" /><ref name="taznfttwitter-10263" /><ref name="frostiesnftstwitter-10264" /><ref name="frostiesnftstwitter-10265" /><ref name="frostiesnftstwitter-10266" /><ref name="frostiesnftstwitter-10267" /><ref name="frostiesnftstwitter-10268" /><ref name="frostiesnftstwitter-10269" /><ref name="morganchittumtwitter-10270" /><ref name="papatoasterrtwitter-10271" /><ref name="msn-10272" /><ref name="reddit-10273" /><ref name="reddit-10274" /><ref name="frostiesnftstwitter-10275" /><ref name="bliksemboitwitter-10276" /><ref name="frostiesnftstwitter-10277" /><ref name="frostiesnftstwitter-10278" /><ref name="mrexitliquiditytwitter-10282" /><ref name="frostiesnftstwitter-10283" /><ref name="frostiesnftstwitter-10284" /><ref name="frostiesnftstwitter-10285" /><ref name="frostiesnftstwitter-10287" /><ref name="wizardofsohotwitter-10288" /><ref name="mktsinsidertwitter-10289" /><ref name="businessinsidermarkets-10290" /><ref name="frostiesnftstwitter-10291" /><ref name="frostiesnftstwitter-10292" /><ref name="frostiesnftstwitter-10293" /><ref name="vice-10294" /><ref name="embersnfttwitter-10295" /><ref name="mashable-10296" /><ref name="youtube-10297" /><ref name="blockworkstwitter-10298" /><ref name="blockworks-10299" /><ref name="business2community-10300" /><ref name="justicedepartment-10301" /><ref name="comparitech-10032" />

	== About Frosties ==		== About Frosties ==
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	<ref name="web3isgoinggreat-10302">[https://web3isgoinggreat.com/?id=2022-03-24-1 Department of Justice charges the scammers behind the January "Frosties" NFT rug pull with fraud and money laundering shortly before they launch their second project - Web3IsGoingGreat] (Jan 11, 2023)</ref>		<ref name="web3isgoinggreat-10302">[https://web3isgoinggreat.com/?id=2022-03-24-1 Department of Justice charges the scammers behind the January "Frosties" NFT rug pull with fraud and money laundering shortly before they launch their second project - Web3IsGoingGreat] (Jan 11, 2023)</ref>
	<ref name="coinmarketcap-4651">[https://coinmarketcap.com/currencies/ethereum/historical-data/ Ethereum Historic Price Data - CoinMarketCap] (Dec 21, 2021)</ref>		<ref name="coinmarketcap-4651">[https://coinmarketcap.com/currencies/ethereum/historical-data/ Ethereum Historic Price Data - CoinMarketCap] (Dec 21, 2021)</ref>
			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref>
	</references>		</references>

Azoundria: Another 30 minutes complete. All sources merged in. Prevention added.

2023-08-30T19:37:07Z

Another 30 minutes complete. All sources merged in. Prevention added.

Show changes

Azoundria: Another 30 minutes complete. Additional sources merged in. Working on prevention.

2023-08-28T20:41:06Z

Another 30 minutes complete. Additional sources merged in. Working on prevention.

Show changes

Azoundria at 21:38, 7 May 2023

2023-05-07T21:38:53Z

← Older revision		Revision as of 15:38, 7 May 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/frostiesnftrugpull.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/frostiesnftrugpull.php}}
	{{Unattributed Sources}}		{{Unattributed Sources}}

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	The community rebranded the project into "Wrapped Frosties" and relaunched a wrapped token, along with another "Cutie Pies" NFT set, with proceeds all going towards a fund for affected users. The new token allowed holders of the existing Frosties NFTs to migrate to the new token and retain what they held. The creators Ethan and Andre are now facing the prospect of 20 years in prison for their fraud if convicted.		The community rebranded the project into "Wrapped Frosties" and relaunched a wrapped token, along with another "Cutie Pies" NFT set, with proceeds all going towards a fund for affected users. The new token allowed holders of the existing Frosties NFTs to migrate to the new token and retain what they held. The creators Ethan and Andre are now facing the prospect of 20 years in prison for their fraud if convicted.

	This is a global/international case not involving a specific country.		This is a global/international case not involving a specific country.<ref name="decrypt-10253" /><ref name="decrypt-10254" /><ref name="protocol-10255" /><ref name="opensea-10256" /><ref name="frostiesnftstwitter-10257" /><ref name="opensea-10258" /><ref name="frostiesarchive-10259" /><ref name="frostiesnftstwitter-10260" /><ref name="frostiesnftstwitter-10261" /><ref name="frostiesnftstwitter-10262" /><ref name="taznfttwitter-10263" /><ref name="frostiesnftstwitter-10264" /><ref name="frostiesnftstwitter-10265" /><ref name="frostiesnftstwitter-10266" /><ref name="frostiesnftstwitter-10267" /><ref name="frostiesnftstwitter-10268" /><ref name="frostiesnftstwitter-10269" /><ref name="morganchittumtwitter-10270" /><ref name="papatoasterrtwitter-10271" /><ref name="msn-10272" /><ref name="reddit-10273" /><ref name="reddit-10274" /><ref name="frostiesnftstwitter-10275" /><ref name="bliksemboitwitter-10276" /><ref name="frostiesnftstwitter-10277" /><ref name="frostiesnftstwitter-10278" /><ref name="linktree-10279" /><ref name="instagram-10280" /><ref name="discord-10281" /><ref name="mrexitliquiditytwitter-10282" /><ref name="frostiesnftstwitter-10283" /><ref name="frostiesnftstwitter-10284" /><ref name="frostiesnftstwitter-10285" /><ref name="cryptostarsblog-10286" /><ref name="frostiesnftstwitter-10287" /><ref name="wizardofsohotwitter-10288" /><ref name="mktsinsidertwitter-10289" /><ref name="businessinsidermarkets-10290" /><ref name="frostiesnftstwitter-10291" /><ref name="frostiesnftstwitter-10292" /><ref name="frostiesnftstwitter-10293" /><ref name="vice-10294" /><ref name="embersnfttwitter-10295" /><ref name="mashable-10296" /><ref name="youtube-10297" /><ref name="blockworkstwitter-10298" /><ref name="blockworks-10299" /><ref name="business2community-10300" /><ref name="justicedepartment-10301" /><ref name="web3isgoinggreat-10302" /><ref name="coinmarketcap-4651" />
	<ref name="decrypt-10253" /><ref name="decrypt-10254" /><ref name="protocol-10255" /><ref name="opensea-10256" /><ref name="frostiesnftstwitter-10257" /><ref name="opensea-10258" /><ref name="frostiesarchive-10259" /><ref name="frostiesnftstwitter-10260" /><ref name="frostiesnftstwitter-10261" /><ref name="frostiesnftstwitter-10262" /><ref name="taznfttwitter-10263" /><ref name="frostiesnftstwitter-10264" /><ref name="frostiesnftstwitter-10265" /><ref name="frostiesnftstwitter-10266" /><ref name="frostiesnftstwitter-10267" /><ref name="frostiesnftstwitter-10268" /><ref name="frostiesnftstwitter-10269" /><ref name="morganchittumtwitter-10270" /><ref name="papatoasterrtwitter-10271" /><ref name="msn-10272" /><ref name="reddit-10273" /><ref name="reddit-10274" /><ref name="frostiesnftstwitter-10275" /><ref name="bliksemboitwitter-10276" /><ref name="frostiesnftstwitter-10277" /><ref name="frostiesnftstwitter-10278" /><ref name="linktree-10279" /><ref name="instagram-10280" /><ref name="discord-10281" /><ref name="mrexitliquiditytwitter-10282" /><ref name="frostiesnftstwitter-10283" /><ref name="frostiesnftstwitter-10284" /><ref name="frostiesnftstwitter-10285" /><ref name="cryptostarsblog-10286" /><ref name="frostiesnftstwitter-10287" /><ref name="wizardofsohotwitter-10288" /><ref name="mktsinsidertwitter-10289" /><ref name="businessinsidermarkets-10290" /><ref name="frostiesnftstwitter-10291" /><ref name="frostiesnftstwitter-10292" /><ref name="frostiesnftstwitter-10293" /><ref name="vice-10294" /><ref name="embersnfttwitter-10295" /><ref name="mashable-10296" /><ref name="youtube-10297" /><ref name="blockworkstwitter-10298" /><ref name="blockworks-10299" /><ref name="business2community-10300" /><ref name="justicedepartment-10301" /><ref name="web3isgoinggreat-10302" /><ref name="~~coinmarketcapeth~~-4651" />

	== About Frosties ==		== About Frosties ==
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	!Description		!Description
	\|-		\|-
	\|January 8th, 2022 ~~2:00:00 PM~~		\|January 8th, 2022
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 225:		Line 224:
	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			The easiest solution to prevent this situation would be some additional oversight into the project. Had it been started by known founders, they would have been less likely to believe that they could pull off a fraud without consequences. Had the smart contract behind the NFT stored received funds in a proper multi-signature wallet and undergone a review, it would have been dramatically safer for users and the back door would not have gone undetected. Each additional separate member on the multi-signature wallet improves the safety of a system.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

			== Platform Prevention Policies ==
			{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

	== Prevention ~~Policies ==~~		{{Prevention:Regulators:End}}
	The easiest solution to prevent this situation would be some additional oversight into the project. Had it been started by known founders, they would have been less likely to believe that they could pull off a fraud without consequences. Had the smart contract behind the NFT stored received funds in a proper multi-signature wallet and undergone a review, it would have been dramatically safer for users and the back door would not have gone undetected. Each additional separate member on the multi-signature wallet improves the safety of a system.

	== References ==		== References ==
Line 349:		Line 364:
	<ref name="web3isgoinggreat-10302">[https://web3isgoinggreat.com/?id=2022-03-24-1 Department of Justice charges the scammers behind the January "Frosties" NFT rug pull with fraud and money laundering shortly before they launch their second project] (Jan 11, 2023)</ref>		<ref name="web3isgoinggreat-10302">[https://web3isgoinggreat.com/?id=2022-03-24-1 Department of Justice charges the scammers behind the January "Frosties" NFT rug pull with fraud and money laundering shortly before they launch their second project] (Jan 11, 2023)</ref>

	<ref name="~~coinmarketcapeth~~-4651">[https://coinmarketcap.com/currencies/ethereum/historical-data/ https://coinmarketcap.com/currencies/ethereum/historical-data/] (Dec 21, 2021)</ref></references>		<ref name="coinmarketcap-4651">[https://coinmarketcap.com/currencies/ethereum/historical-data/ https://coinmarketcap.com/currencies/ethereum/historical-data/] (Dec 21, 2021)</ref></references>

Azoundria at 19:51, 28 February 2023

2023-02-28T19:51:33Z

Show changes

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/frostiesnftrugpull.php}} FrostiesThe "Frosties" NFT project launched with the sale of 8,888 cartoon ice cream characters, and a lot of promises of future projects to build up the brand including metaverse integrations, staking, breeding functions, and exclusive giveaways. Instead of delivering, the creators decided to take the money and disappear. Unfortunately for t..."

2023-01-28T16:36:48Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/frostiesnftrugpull.php}} thumb|FrostiesThe "Frosties" NFT project launched with the sale of 8,888 cartoon ice cream characters, and a lot of promises of future projects to build up the brand including metaverse integrations, staking, breeding functions, and exclusive giveaways. Instead of delivering, the creators decided to take the money and disappear. Unfortunately for t..."

Show changes