Rug Puller Charged By Authorities

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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Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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