NFT Founder Pleads Guilty to $3M Rug Pull in First Such Conviction
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Aurelien Michel, founder of Mutant Ape Planet NFT project, pled guilty to wire fraud for rug pulling investors out of $3M. Faces up to 5 years in prison.
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Michel is the first person convicted of an NFT rug pull scheme in U.S. history. His project was the 3rd accused by federal authorities of rug pulling.
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Michel told investors he never intended to rug pull but community went "too toxic." Previously promised merchandise, tokens, etc.
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Two other major NFT rug pulls, Fashion Ape and Crazy Camels, have been connected to Michel. He wasn't charged for them.
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Two previous NFT rug pull cases (Frosties, Baller Ape Club) accused by feds appear unresolved. Mutant Ape Planet is the first conviction.