Mutant Ape NFT ripoff creator to forfeit $1.4M, avoids prison
The developer of the Mutant Ape Planet, a ripoff of the popular Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) collection, was ordered by a court to forfeit $1.4 million and pay a $15,000 fine.
On Nov. 1, United States District Judge Margo Brodie reportedly sentenced French national Aurelien Michel to a one-month lockup that he had already served in a facility in New York. The judge also imposed a $15,000 fine on Michel and ordered the NFT developer to forfeit $1.4 million.
While federal prosecutors wanted a 37-month prison term for Michel, the defense argued that losses connected to the fraud were overstated. Michel’s lawyers, Ira Sorkin and Adam Brody argued that the Mutant Ape Planet developer should be spared from prison as purchasers of the NFT received “digital artwork.”
Because of this, Brodie concluded that the loss amount is unclear. The judge said that while the developer and his co-conspirators received $2.9 million from the project, everyone who purchased an NFT received something of value. “What that value is, is unclear,” Brodie added.
Related: Lazarus Group exploited Chrome vulnerability with fake NFT game
Michel admitted to performing a “rug pull” on social media
On Jan. 6, 2023, Michel was arrested in New York for the alleged $2.9 million fraud. In a Department of Justice press release, Homeland Security agent Ivan Arvelosaid said that Michel perpetrated a rug pull scheme and stole almost $3 million from investors.
The release also said in January that Michel admitted via social media chat that he had conducted a rug pull by saying, “We never intended to rug but the community went way too toxic.”
Sales of the Mutant Ape Planet NFT collection. Source: OpenSea
The collection consisted of 6,797 NFTs on Ethereum. It had 567 Ether ( ETH ) in sales, but the average price plummeted since its launch in January 2022.
On Nov. 15, 2023, Michel pleaded guilty to executing a rug pull and admitting to defrauding investors. At the time, prosecutors said Michel and his associates intentionally failed to deliver their promises to the NFT collection’s community members.
The prosecutors said that while Michel purported to sell NFTs backed with rewards and benefits, he turned the dream into a “nightmare of deception and losses.”
Magazine: gmoney’s anguish over ‘buying the top’ of CryptoPunks: NFT Collector
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Polygon Targets $1 & Ethereum Eyes $3,600, Yet BlockDAG’s CertiK Audit and $0.0019 Coins Could Outperform All
Discover Polygon (POL) price movement and Ethereum (ETH) price analysis as both eye breakouts, and see why BlockDAG’s CertiK audit, growing presale, and attractive pricing position it among the best crypto for higher returns in 2025.Polygon (POL) Price Movement Signals Breakout Toward $1Ethereum (ETH) Price Analysis: Tight Range Could Spark $3,600 BreakoutBlockDAG’s CertiK Audit Strengthens Its Case as the Best Crypto for Higher ReturnsTo Sum It Up

$298M Crypto Liquidations Rock BTC and ETH Traders
Crypto liquidations hit $298M in 24 hours, with BTC and ETH leading losses. Here's what caused the wipeout.A Rough Day for Crypto TradersWhat Triggered the Liquidations?Caution Ahead for Leverage Users

Top New Meme Coins to Invest in This Month: Troller Cat Flaunts 7k% ROI as Official Trump and Mog Coin Rise from Slumber
Troller Cat ignites excitement with 69% APY and 7,000% ROI target. TRUMP and MOG bounce back, but is this cat the real jackpot?Troller Cat ($TCAT): Clawing Up the Ladder with Massive ROI PotentialOfficial Trump ($TRUMP): Slow Grind with Political BuzzMog Coin ($MOG): The Cult Favorite Gets a PulseConclusion

SOL Technical Analysis Signals Strength, Cardano’s AI Testnet Launches & BlockDAG’s $0.0019 Offer Ends on May 13
Explore SOL Technical Analysis & details on Cardano's AI Testnet. See why BlockDAG’s $0.0019 entry before May 13 could define the best crypto platform call.SOL Technical Analysis Points to Cautious OptimismCardano’s AI Testnet to Simulate High-Frequency Network ConditionsBlockDAG’s Listings Near: $0.0019 Offer Available Until May 13What Defines the Best Crypto Platform in 2025?

Trending news
MoreCrypto prices
More








