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Victims of an NFT rug pull are trying to revive what they lost by launching a new collection.
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The project runners named the collection Wrapped Frosties, and call on other defrauded investors to join them.
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Rug pull is a type of scam in which creators quickly cash out after launching what appears to be a legitimate crypto project.
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Defrauded investors of Frosties, a cartoon ice cream collection that was one of this year’s first known “rug pulls,” aren’t simply taking their losses and moving on.
Since the creators of a non-fungible token collection vanished after buyers poured in a total of $1.3 million, the victims of the scam have banded together and created a new line of NFT days after to revive what they have lost. A rug pull refers to a type of crypto scam where the creators vanish with investors’ money after launching what appears to be a legitimate project.
The new line is dubbed Wrapped Frosties.
“We didn’t feel like we could just let this go,” Just Ashley, one of the community members spearheading the project who prefers to go by her social media handle, told Insider. “There were a lot of people who lost quite a bit of money and we’re also trying to help them recover it.”
New beginnings
Wrapped Frosties look exactly like the original Frosties but run on a different smart contract. This is why the community members decided to call it “Wrapped,” alluding to the process of wrapping a token, which is essentially moving one token that belongs to a specific blockchain into another.
Investors who minted Frosties can simply “wrap” their tokens for no charge (other than gas fees). Newcomers are also welcome and can buy Wrapped Frosties immediately.
Just Ashley said this new line is meant to recover some of the losses incurred by the rug pull. Wrapped Frosties, for instance, has a 0.015 ETH floor price, roughly $37 at ether’s current level,…
