The 24-year-old developer behind the mutantapeplanet NFT collection has been arrested and charged with fraud for allegedly carrying out a $2.9 million rug pull, which he blamed on the “toxic” Mutant Ape Planet community. cheyenneligon reports
The developer of the Mutant Ape Planet non-fungible token collection – a knock-off of the popular Mutant Ape Yacht Club NFT collection – has been arrested and charged with fraud for allegedly perpetrating a $2.9 million rug pull.
According to the complaint filed Jan. 3, Michel and other unnamed defendants marketed the Mutant Ape Planet NFTs to prospective buyers by promising them that their purchases would come with benefits including “rewards, raffles, exclusive access to other cryptocurrency assets, and the support of a community wallet with funds to be used to market the NFTs.” Project developers also made vague promises about acquiring “metaverse land” for the NFT project, according to authorities.
“It’s alleged that Michel defrauded investors by making false representations of, amongst other things, giveaways, tokens with staking features, and merchandise collections,” wrote Thomas Fattorusso, Acting Special Agent-in-Charge with the Internal Revenue Service ’s Criminal Investigation team.
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