From Mutant Ape Copycat NFTs to Courtroom Drama Mastermind behind $3M Fraud Scheme Pleads Guilty

NFT Creator Who Ripped Off Mutant Ape Pleads Guilty to $3M Fraud

The Primate NFT Scam: Monkey Business Ends in Guilty Plea

In the world of cryptocurrencies, every coin has its ape. But what happens when the apes go rogue? Well, that’s exactly what happened with the Mutant Ape Planet NFT collection. And boy, did it turn into a bananas affair!

Let me introduce you to the mastermind behind this primate madness, Aurelien Michel, a French national with lofty ambitions. He decided to take Yuga Labs’ Mutant Ape Yacht Club project and put his own mischievous twist on it. But little did he know that his hairy adventure would lead him to a federal court in New York.

According to the U.S. Attorney’s Office for the Eastern District of New York, Michel recently entered a guilty plea for conspiracy to commit wire fraud. The charges are related to his fraudulent creation, the Mutant Ape Planet NFTs. He managed to pull off what is known as a “rug pull,” leaving investors $3 million poorer.

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Now, you might be wondering, what exactly is a rug pull? Well, imagine you’re a rug merchant selling beautifully crafted rugs. Customers flock to you, tempted by the promise of rewards and benefits woven into your rugs. But instead of delivering on those promises, you secretly whisk away the profits, disappearing into the desert like a sly fox. That’s a rug pull for you.

But how did Michel manage to pull this off? With a clever marketing scheme, of course! He and his partners in crime enticed investors with false promises, creating a demand for the Mutant Ape Planet collection. But behind the scenes, they were laughing like hyenas, diverting millions of dollars for their personal gain.

Thomas M. Fattorusso, the Special Agent in charge of IRS criminal investigation in New York, had some sharp words for Michel. He said, “There is no excusing this kind of greed, and today’s guilty plea brings Michel one step closer to realizing his own nightmare — behind bars.” Ouch! That’s a harsh reality check for our fraudulent friend.

But karma caught up with Michel. He was caught red-handed in New York on January 4, 2023. The Department of Justice revealed that, in a social media chat, Michel confessed to executing a rug pull. However, he tried to shift the blame, claiming that the community became too “toxic.” Looks like his monkey business came crashing down, leaving him with no escape.

Now, you must be wondering about the repercussions for Michel. Well, he’s facing a maximum sentence of five years in prison. That’s a long time for someone who got tangled up in their own web of deception. And to add insult to injury, he also has to pay $1.4 million in restitution. That’s a hefty bill for his mischievous antics.

But what’s become of the Mutant Ape Planet collection? Well, it’s been banished from the NFT platform OpenSea. This collection, consisting of 6,797 NFTs minted on the Ethereum blockchain, had its moment in the sun. In February 2022, it boasted over 320 Ether in sales volume, making Michel grin like a Cheshire cat. But by April 2022, the hype had faded away faster than a banana peel on a hot summer day.

Imagine the disappointment of those who bought these NFTs, hoping for a golden ticket to a wild ape adventure. Instead, they found themselves plummeting down a deep rabbit hole, where the price and sales volume of their beloved collection dropped to near zero. It’s like going from flying high in the jungle canopy to being stuck in quicksand.

Now, my fellow digital asset investors, let this be a cautionary tale. Don’t let the charm of NFTs blind you to the dangers lurking in the crypto jungle. Always do your due diligence, as the crypto world can be a wild and unpredictable place. And if someone promises you a monkey ride to the moon, well, you might just end up with a handful of banana peels.

So stay wise, stay alert, and keep those investments away from the chattering monkeys. Remember, in the world of cryptocurrencies, you need to be as careful as a tightrope walker in the circus. Happy investing, my crypto compadres!

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