Frosties (NFT)
An 8,888-piece NFT collection whose two creators abruptly shut it down within hours of selling out in Jan 2022 and moved ~$1.1M to their own wallets. The U.S. DOJ charged Ethan Nguyen and Andre Llacuna with wire fraud and money laundering.
Also known as: Frosties, Ethan Nguyen, Andre Llacuna
Summary
Frosties was an NFT collection of 8,888 cartoon "ice cream" characters that sold out within about an hour in January 2022. Its creators abruptly abandoned the project hours later and transferred about $1.1 million in proceeds to wallets they controlled — a "rug pull". [1][2]
Charges
In March 2022 the U.S. DOJ arrested Ethan Nguyen and Andre Llacuna in Los Angeles and charged each with conspiracy to commit wire fraud and money laundering. Prosecutors said the pair had disguised their identities and were preparing a second NFT project ("Embers") expected to raise ~$1.5 million. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
People & entities involved
- Ethan NguyenCo-creatorIndividualsCo-creator (alias 'Frostie') of the Frosties NFT project, which the DOJ charged in March 2022 as its first NFT 'rug pull' case — abandoning the project hours after a ~$1.1M sellout and moving the funds to obfuscate their source.
- Andre LlacunaCo-creatorIndividualsCo-creator (alias 'heyandre') of the Frosties NFT project, charged by the DOJ in March 2022 in its first NFT 'rug pull' case over the ~$1.1M scheme.
Sources (3)
- Two men arrested for $1.1 million NFT 'rug pull' scam — The Verge
- Frosties criminal complaint — U.S. DOJ (SDNY)
- DOJ cracks down on 'rug pulls,' charging Frosties NFT founders — Cointelegraph
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.