Two men were arrested and charged with scamming buyers of non-fungible tokens (NFTs) worth $1.1 million, authorities said on Thursday, in what appeared to be the first U.S. federal criminal case involving the class of digital assets whose popularity exploded last year.
U.S. Attorney Damian Williams in Manhattan said in a statement that Ethan Vinh Nguyen, 20, and Andre Marcus Quiddaoen Llacuna, 20, had been arrested in Los Angeles, California on Thursday.
But on or around Jan. 9 this year, Nguyen and Llacuna abandoned the project and transferred $1.1 million in cryptocurrency proceeds from the scheme to various cryptocurrency wallets under their control, prosecutors said.An attorney for Nguyen did not immediately return a request for comment. Attorney information for Llacuna was not immediately available.
"Where there is money to be made, fraudsters will look for ways to steal it," Williams said in a statement.
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