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Creators of NFT Frosties stole $1.3 million from investors.

Creators of NFT Frosties stole $1.3 million from investors.

Investors bought out Frosties, a series of cartoon ice cream images, investing $1.3 million. Once the NFTs were bought, the creators of the pictures ceased contact and deleted all of their social networking groups.  

Why is it so important?
Buying NFTs carries huge risks and provides no legal options for investors to get their money back  

According to Blockworks, the sale was held on January 9, 2021, via the OpenSea website. All 8,888 NFT pictures were sold in just 43 minutes after the trading started. The minimum value per image was estimated at 0.04 ether (~$121). Just soon as the sale ended, the creators deleted their pages on OpenSea, Discord, Twitter and cut off all ways of communication. 

Thus, we can assume that the sale of NFT Frosties and the subsequent withdrawal of funds was the first recorded fraud case in 2022. As the analysts note, such a method is quite common in the NFT market. In just one month of the past year, fraudsters managed to steal more than $30 million using such methods.

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