Mutant Ape Planet NFT Creator is Accused of Defrauding Clients Out of $2.9 Million

Published on:

Last Updated on January 6, 2023 by Bitfinsider

Aurelien Michel was accused in federal court in Brooklyn with scamming clients of the NFT project “Mutant Ape Planet” out of $2.9 million.

Michel reportedly promised to devise methods for the NFTs’ value to rise and that customers would be rewarded for holding their NFTs. Michel, on the other hand, is said to have pocketed $2.9 million in customer payments for personal use.

In later social media conversations with consumers, Michel acknowledged to “rugging” — crypto jargon for when developers collect cash for a project but then leave with the funds — but blamed it on the nasty NFT community.

“As claimed, Aurelien Michel committed a ‘rug pull’ fraud, taking approximately $3 million from investors for his own personal benefit,” said Ivan J. Arvelo, a Homeland Security special agent, in a statement released by the DOJ. “Buyers of Mutant Ape Planet NFTs felt they were investing in a fashionable new collectible, but they were duped and received none of the advertised benefits.”

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.