April 19, 2024
Mutant Ape Planet Scam Unveiled
Latest Cryptocurrency News

French National Pleads Guilty in $3 Million Mutant Ape Planet NFT Fraud Case

The originator of the Mutant Ape Planet nonfungible token (NFT) collection, a replica of Yuga Labs’ Mutant Ape Yacht Club initiative, has confessed to a conspiracy to commit wire fraud in a New York federal court. On Nov. 14, the United States Attorney’s Office for the Eastern District of New York announced that Aurelien Michel, a French national, confessed to executing a rug pull and defrauding investors of $3 million in relation to the fraudulent Mutant Ape Planet NFTs.

The Department of Justice (DOJ) prosecutors asserted that Michel and his co-conspirators falsely promoted the NFTs to investors, promising them rewards and benefits to boost demand for the collection.

According to prosecutors, Michel and his accomplices knowingly failed to fulfill these commitments, redirecting millions of dollars in proceeds for personal gain. Thomas M. Fattorusso, the special agent in charge of the Internal Revenue Service criminal investigation in New York, remarked, “While Michel claimed to sell dream NFTs backed with rewards and benefits, he deceived investors, turning their dream into a nightmare of deception and losses.”

Michel was arrested in New York on Jan. 4, 2023, for charges related to the scheme. He admitted to the NFT collection’s community on Jan. 5 via a social media chat that he executed a rug pull, stating, “We never intended to rug, but the community went way too toxic.”

Upon sentencing, Michel could face a maximum prison term of five years and has agreed to pay $1.4 million in restitution. The Mutant Ape Planet collection, formerly available on the NFT platform OpenSea, comprised 6,797 NFTs minted on the Ethereum blockchain.

In February 2022, the collection achieved over 320 Ether in sales volume, which significantly declined by April 2022. By January 2023, around the time of Michel’s arrest, the average price and total sales volume of the collection had plummeted to nearly zero.

Image by pixabay

Related posts

Vodafone’s Cross-Chain Interoperability Breakthrough with Chainlink

Henry Clarke

Lazarus Group of North Korean, Steals $41 Million in Crypto Heist from Stake Casino

Harper Hall

SBF Legal Team Seeks Court Approval for Anthropic Evidence

Christian Green

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More