Aurelien Michel, creator of the website “Mutant Ape Planet” Non-fungible Tokens (NFTs), was arrested and charged by the US government for allegedly defrauding cryptocurrency investors out of more than $2.9 million in cryptocurrency. According to the Department Of Justice (DOJ), buyers were ‘pulled off the rug’ for the personal benefit of the NFT creator.
DOJ Takes Action Against NFT ‘Rug Pull’ Scheme
The US Department Of Justice (DOJ) released a statement on Thursday saying that Aurelien Michel, a French citizen living in the United Arab Emirates (UAE), has been charged with “defrauding purchasers of ‘Mutant Ape Planet’ NFTs, a type of digital asset, out of more than $2.9 million in cryptocurrency.” Michel was arrested Wednesday at John F. Kennedy International Airport.
Mutant Ape Planet (MAP) NFTs were sold with the false promise of multiple rewards and benefits, such as exclusive opportunities for additional investments, gifts, and other rewards. The Department Of Justice explained:
After Selling the NFTs, buyers were ‘pulled from the rug ‘… Millions NFT buyers received a lot of cryptocurrency. Michel’s Personal gain.
Mutant Ape Planet is a collection of 6799 mutant apes and has no connection to the popular Bored Ape Yacht Club, another set of monkey-themed NFTs.
Ivan J. Arvelo, Special Agent In Charge Of Homeland Security Investigations (HSI) New York, said: “Aurelien Michel perpetrated a ‘rug-pulling’ scheme: he stole nearly $3 million from the inverters for your personal use.”
The Department Of Justice noted that “in social media chats with potential buyers and current customers, Michel admitted to the fraud of the ‘rug pull’, but blamed the NFT buying group for his actions.We Carpeting was never my intention, but it was toxic in the community.’”
Mutant Ape Planet developers “promised to fund a community wallet for marketing and would offer buyers raffles, giveaways, airdrops, and tokens with staking features,” according to the Justice Department:
Buyers Of Mutant Ape Planet NFTs didn’t receive the promised benefits.
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