In a United States court, Aurelien Michel, the originator of the βMutant Ape Planetβ NFTs, has admitted guilt for defrauding investors.
Recently, in a US court, Aurelien Michel, creator of the “Mutant Ape Planet” NFTs, pleaded guilty to defrauding investors. He faces a potential five-year prison sentence and must pay $1.4 million in forfeiture.
NFT Scammer Expected To Receive Prison Sentence
The United States Attorneyβs Office of New York stated that Michel could be facing prison time after admitting to defrauding investors in the Mutant Ape Planet NFT project. According to United States Attorney Breon Peace, Michel conspired with others to deceive consumers eager to participate in the new digital asset market.
βHolding these criminal actors accountable and protecting the public is, and will remain, a priority of this Office.β
If you want to learn more about NFT scams and how they work, read our guide on What Is a Rug Pull? A Guide to the Web3 Scam.
FBI Recent Warning Against NFT Scams
The FBI recently warned about the increasing number of NFT scams. These scams are becoming more sophisticated and leaving victims in the dark. Criminals are leveraging the surge in NFT interest to target innocent enthusiasts.
To protect yourself from crypto scams, check out our guide on 15 Most Common Crypto Scams To Look Out For.
Hot Take
It’s crucial to remain vigilant when investing in NFTs or any other digital assets due to the prevalence of scams and fraudulent schemes. The case of Aurelien Michel serves as a reminder that thorough research and caution are necessary to avoid falling victim to such fraudulent activities.
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