Mutant Ape Planet’s developer faces charges for $2.9 million NFT scam
Aurelien Michel, developer, Mutant Ape Yacht Club knock-off collection – Mutant Ape Planet, has been arrested in New York on account of scamming investors of $2.9 million through a “ rug pull scheme,” as reported by Cointelegraph.
According to Cointelegraph, on January 4, 2023, the arrest happened at the John F Kennedy International Airport. “Purchasers of Mutant Ape Planet NFTs thought they were investing in a trendy new collectible, but they were deceived and received none of the promised benefits,” Ivan J Arvelo, homeland security agent, stated.
On the basis of information by Cointelegraph, Thomas Fattorusso, agent, International Revenue Service, was mentioned in a press release from the Department of Justice mentioning that “Michel defrauded investors by making false representations of, amongst other things, giveaways, tokens with staking features, and merchandise collections.” Furthermore, the statement emphasised that Michel admitted to the community through a social media chat that he had perpetrated a rug pull, saying “we never intended to rug but the community went way too toxic.”
Moreover, Cointelegraph noted that after the arrest, the collection’s holders have taken to Twitter to reveal their side of the matter. Since then, the project has reportedly come under the supervision of the community. It is believed that a user with the pseudonym HTMadge has taken up an active role in the initiative.
(With insights from Cointelegraph)
