No, Not That Squiggle

No, Not That Squiggle

The Squiggle NFT project is being investigated by the United States court system for wire fraud, and money laundering according to a court filing reported by tier10k and Offshore Alert.

The Deets

To be clear, this project shouldn't be confused with famous Art Blocks project, Chromie Squiggles by Snowfro.

The Squiggles NFT Project being investigated was released in early 2021 and was flagged by many notable NFT personalities as a suspicious project with many red flags

The court filings state that the suspects used “providers such as Meta Platforms, Inc., specifically Instagram, to promote and mint their NFT projects that ultimately turn out to be rug pull scams.”

❗Why It Matters

The development marks another instance in which malicious actors are finally being held accountable for taking advantage of unsuspecting users in a nascent industry. 

🎤 Community Quotes


Almost a year ago we posted about this scam ring that was also involved in Squiggles and the founders are now being investigated for wire fraud and money laundering. After our post, Gabriel Hay paid someone to take our Twitter account down.NFT Ethics

 

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