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.”
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