Rug Puller Charged By Authorities
The developer of Mutant Ape Planet NFTs was arrested and charged with defrauding investors of $2.9 million in cryptocurrency, according to a release from the United States Attorney's Office from the Eastern District of New York.
Why It Matters: In a market full of "rug pulls," it is notable that law enforcement is taking action against those who have purposefully turned their back on investors and NFT holders, potentially creating a precedent for legal action against other malicious actors.
What They Said: "It’s alleged that Michel defrauded investors by making false representations of, amongst other things, giveaways, tokens with staking features, and merchandise collections. Once the NFTs were sold-out, Michel allegedly ceased communications and withdrew purchasers’ funds from the company’s cryptocurrency wallets, lining his pockets with nearly $3 Million of investors’ money," said Acting Special Agent-in-Charge, Thomas Fattorusso.
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