Wall Street Apes

<ul><li>Defendants accused of a &#34;rug pull,&#34; promoting a fake game to sell NFTs, then vanishing with 798 ETH.</li><li>&#34;Evolved Apes&#34; scam described as a pump and dump, hyping NFT value before absconding with investors&#39; money.</li><li>Charges include wire fraud and money laundering, each carrying up to 20 years in prison.</li></ul>On June 6, 2024, the U.S. Department of Justice <a href="https://www.justice.gov/usao-sdny/pr/three-united-kingdom-nationals-charged-connection-evolved-apes-nft-scam" rel="noopener noreferrer nofollow">announced</a> charges against Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan, all UK nationals. The trio is accused of engaging in a fraudulent scheme involving the &#34;Evolved Apes&#34; NFT collection, leading to charges of wire fraud and money laundering. Each charge carries a potential maximum sentence of 20 years in prison.The Scam StrategyThe defendants allegedly conducted a classic &#34;<a href="https://cryptotale.org/?s&#61;rug&#43;pull" rel="noopener noreferrer nofollow">rug pull</a>&#34; by promoting NFTs linked to a fictional online game. They aggressively sold the &#34;Evolved Apes&#34; NFTs, promising that proceeds would fund the game&#39;s development, which would in turn boost the NFTs&#39; value. However, after accumulating 798 ETH (about $2.7 million), they abruptly halted the project and vanished with the funds.Why Is It Called a Pump and Dump Scheme?A &#34;<a href="https://cryptotale.org/?s&#61;pump&#43;and&#43;dump" rel="noopener noreferrer nofollow">pump and dump</a>&#34; scheme involves artificially inflating the price of an asset through false or misleading statements to sell off the asset at a higher price. In the case of the &#34;Evolved Apes,&#34; the trio hyped the value of the NFTs by promising a non-existent video game, enticing investment and driving up prices before cashing out and disappearing, leaving investors with worthless digital assets.<a href="https://cryptotale.org/three-uk-citizens-charged-in-3m-evolved-apes-ethereum-nft-scam/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Three UK Citizens Charged in $3M "Evolved Apes" Ethereum NFT Scam

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