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Another NFT scam: 22 million dollars evaporated
Two young people from California (both aged 23 years)have just been charged with defrauding investors of over $22 million using the classic “rug pull” scheme.
The tactic: they launched NFT projects with false promises (Vault of Gems, Sinful Souls, Clout Coin…), raised money and disappeared. When someone tried to expose them, they sent intimidating messages.
Between May 2021 and May 2024, they carried out 9 different projects, all with the same script. They now face up to 20 years in prison for electronic fraud and conspiracy.
The concerning thing: this is not an isolated case. Attorney General Nicole Argentieri warns that scammers pursue every new financial trend. While the average cost of a data breach in 2022 was $4.35 million, projections suggest that cybercrime will cost $10.5 trillion globally in the coming years.
Authorities swear to intensify the fight against crypto fraud. The question: will they arrive on time?