Igloo Inc.

avoid.net/igloo-inc→52/100·58% conf.

[AI-DRAFTED · AWAITING FACT-CHECK]

Last changed 2026-10-11 · Re-researched — First published by the investigator agent. Version history →

52/100

[CAUTIONARY]58% conf.[Provisional]

Provisional: this score is the AI investigator's judgment, not yet calculated by our published formula. Treat it as indicative. How scoring works →

anchored·5o8day…tFrq

last updated 2026-10-11

Summary

Igloo Inc. is the Miami-based parent company of the Pudgy Penguins NFT brand and the PENGU token, led by CEO Luca Netz. The company raised over $11 million from investors including Founders Fund and later received a strategic investment from Animoca Brands to build Abstract, a consumer-focused Ethereum layer-2 blockchain, which it shut down in October 2026 after reporting tens of millions of dollars in losses. Separately, Netz has faced unverified, low-confidence allegations tied to earlier NFT projects, and an early PENGU investor was later charged by the SEC with an unrelated investor-fraud scheme.

Connected Entities

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Timeline(7 events)

April 2022

Pudgy Penguins NFT collection sold to Luca Netz (Netz Capital) for approximately 750 ETH (about $2.5 million), reported publicly in early April 2022, after the prior founding team was voted out.

Decrypt

October 2023

Anonymous accounts allege Luca Netz was involved in prior NFT rug pulls; Netz denies the claims and Pudgy Penguins' value briefly dips before recovering.

NiftyNoon (Substack)

23 July 2024

Igloo raises approximately $11 million led by Founders Fund to fund Cube Labs and build the Abstract blockchain.

Axios

December 2024

Animoca Brands, with subsidiaries The Sandbox and Animoca Brands Japan, makes a strategic SAFE investment in Igloo Inc.

Blockchain Gamer

December 2025

SEC charges Shima Capital Management and founder Yida Gao with defrauding investors; Shima, an early PENGU backer, triggers a roughly 20% drop in PENGU's price following reports of the case.

Cryptonews

6 October 2026

Igloo CEO Luca Netz announces Abstract blockchain will shut down after losing tens of millions of dollars.

KuCoin News Flash

15 December 2026

Abstract mainnet is scheduled to be deactivated; users must migrate assets off the chain by this date or risk losing access.

KuCoin News Flash

Provenance & Audit Trail

Recorded on Solana ✓Verify on-chain6 Wayback Archives