Ordinal Bored Ape Yacht Club

<ul><li>Aurelien Michel, developer of Mutant Ape Planet NFTs, admitted to a $3 million fraud, potentially facing up to five years in prison.</li><li>The scheme involved false promises of giveaways and exclusive features, leading to a dramatic drop in the collection&#39;s value.</li><li>Homeland Security and IRS investigations revealed Michel used the funds from investors for personal gain.</li></ul>Aurelien Michel, the developer behind the Mutant Ape Planet non-fungible token (NFT) collection, has <a href="https://www.justice.gov/usao-edny/pr/nonfungible-token-nft-developer-pleads-guilty-international-scheme-defraud-nft" rel="noopener noreferrer nofollow">pleaded guilty</a> to defrauding buyers in a scheme that netted nearly $3 million. This situation unfolded subsequent to Michel&#39;s <a href="https://cryptotale.org/creator-of-mutant-ape-planet-nfts-arrested-and-charged-with-fraud-in-us/" rel="noopener noreferrer nofollow">apprehension</a> on January 4 at John F. Kennedy International Airport in New York. At this juncture, he faced allegations of defrauding investors to the tune of $2.9 million, an act characterized as a &#34;rug pull scheme.&#34;Upon his arrest, Homeland Security agent Ivan J. Arvelo <a href="https://www.justice.gov/usao-edny/pr/non-fungible-token-nft-developer-charged-multi-million-dollar-international-fraud" rel="noopener noreferrer nofollow">alleged</a> that Michel, a French national residing in the United Arab Emirates, perpetrated a rug pull scheme. He accused Michel of deceiving investors and using nearly $3 million for his personal use. He added that buyers of Mutant Ape Planet NFTs believed they were investing in a trendy new collectible but were ultimately deceived, receiving none of the promised benefits.In a <a href="https://www.justice.gov/usao-edny/pr/non-fungible-token-nft-developer-charged-multi-million-dollar-international-fraud" rel="noopener noreferrer nofollow">press release</a> issued by the Department of Justice, Internal Revenue Service agent Thomas Fattorusso was cited, stating that Michel misled investors with deceptive claims. These included promises of giveaways, tokens with staking capabilities, and exclusive merchandise collections. Following the sell-out of the NFTs, Michel proceeded to withdraw the funds.Read full article at<a href="https://cryptotale.org/mutant-ape-planet-developer-admits-to-multi-million-dollar-nft-fraud/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Mutant Ape Planet Developer Admits to Multi-Million Dollar NFT Fraud

CryptoTale

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