Developer Behind Mutant Ape Planet NFT Pleads Guilty to $3M Rug Pull
The developer of the Mutant Ape Planet NFT collection, Aurelien Michel, has pleaded guilty to defrauding buyers in a $3 million rug pull. He faces potential consequences for his actions.
Guilty Plea And Consequences
Aurelien Michel, a French citizen residing in the United Arab Emirates, pleaded guilty to conspiracy to commit wire fraud. He was arrested at JFK Airport in New York earlier this year. The charges stem from accusations of defrauding investors in his Mutant Ape Planet NFT collection.
If convicted, Michel could face up to five years in prison and must forfeit $1.4 million. The fate of the remaining $1.6 million is yet to be determined.
The Mutant Ape Planet Fraud
Inspired by the success of the Bored Ape Yacht Club (BAYC) NFT collections, Aurelien Michel launched Mutant Ape Planet. Despite lacking endorsement from the original BAYC creator, YugaLabs, Michel’s project gained popularity within a short period.
However, the project took an unfortunate turn for investors as it abruptly vanished from OpenSea, leading to concerns of fraud among investors.
“We never intended to rug, but the community went way too toxic. I recognize that our behavior led to this.”
The promises made to investors regarding future opportunities and merchandise turned out to be hollow. Michel admitted that he and his team never intended to fulfill their promises and revealed that a rug pull had been the plan from the start.
Commitment to Investor Protection
U.S. Attorney Breon Peace emphasized the commitment to safeguarding investors in the crypto sphere and beyond. He stated that holding criminal actors accountable and protecting the public remains a priority for their office.
Hot Take: Upholding Accountability in Digital Assets
Aurelien Michel’s sentencing is scheduled for a later date. This case underscores the ongoing need for accountability and protection against fraudulent activities in the evolving landscape of digital assets.
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