Mutant Ape Planet NFT creator gets arrested for alleged fraud
In Brief
Mutant Ape Planet NFT creator, Aurelien Michel, gets arrested for alleged $2.9 million fraud
Michel left the project claiming the community to be “toxic”
The creator of the Mutant Ape Planet NFT collection was arrested in New York for alleged fraud and a “rug pull.”
Aurelien Michel is a 24-year-old French citizen that resides in the United Arab Emirates. In January 2022, he released an NFT collection dubbed “Mutant Ape Planet,” which resembles the well-known blue-chip collection Mutant Ape Yacht Club by Yuga Labs.
“We are not associated in any way with any projects we derive from,” states Mutant Ape Planet’s description on OpenSea.
Michel’s Ape collection features 6,700 Ethereum NFTs. In a year, the total volume of Mutant Ape Planet has reached 567 ETH, which is approximately $704,781 at the moment of writing. More than 3,700 individuals purchased the tokens.
The alleged scammer promoted NFTs by offering potential holders access to various perks and experiences. The list included exclusive merchandise, giveaways, and investment opportunities. However, Mutant Ape Planet NFT owners did not receive anything. Once the scam’s victims paid for the tokens, Aurelien Michel transferred the proceeds from the project’s wallet to his personal. According to the official press release of the U.S. Department of Justice, the scammer stole over $2.9 million in cryptocurrency.
Following this, Michel left his project, claiming the community to be “toxic.”
“As alleged, the defendant used a traditional criminal scheme to defraud consumers eager to participate in a new digital asset market. Protection from fraud and manipulation extends to all consumers and investors, including those participating in the fast-evolving market for NFTs and other crypto assets. Our Office is committed to bringing to justice any criminal actor abusing any markets for their own gain,”
stated United States Attorney Breon Peace.
Rug pull is an exit scam scheme frequently used by NFT creators. According to DappRadar, in 2022, rug pulls were the most frequent form of attack in the crypto space.
Read more about crypto scams:
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
