Mutant Ape Planet NFT Developer Arrested For Fraud: Everything You Need To Know

  • Aurelien Michel, for exampleThe creator of Mutant Ape Planet has been arrested in New York.
  • Michelle is accused of defrauding investors of up to $2.9 million.

US authorities have arrested the man behind the Mutant Ape Planet NFT project, which is a slam dunk for the popular Mutant Ape Yacht Club. [MAYC] NFT a group. 24-year-old French citizen Aurelien Michel was arrested when he landed at John F. Kennedy Airport in New York.

The creator of the mutant Planet of the Apes has been accused of fraud

according to press release By the US Attorney’s Office for the Eastern District of New York on January 5, prosecutors alleged that Michel committed a “fraudulent carpet scheme” and later defrauded investors of $2.9 million.

Prosecutors said:

“As part of the scheme, NFTs were marketed to buyers, who were given false promises of various rewards and benefits designed to increase the demand for and value of newly acquired NFTs. After the NFTs were sold, buyers became ‘bored’ as none of the promised benefits were offered.”

Prosecutors also alleged that cryptocurrencies worth millions were diverted for Michel’s personal use. This was proceeds from the sale of Mutant Ape Planet NFTs. Several US agencies, including the Department of Homeland Security and the Internal Revenue Service (IRS), were involved in the arrest.

The creators of the project admitted to organizing carpet pulling

According to prosecutors, Aurelien Michel admitted to formatting the rug on the community’s Discord server. He used a false name to make the following confession:

“We had no intention of falling behind, but society has become very toxic.”

Homeland Security Agent Evan J. Arvelo stated that the developers had promised multiple deliveries to buyers at the time of the investment. In addition, Internal Revenue Service agent Thomas Fatorusso said Michele defrauded investors by making false claims of betting-themed gifts and tokens and merchandise fundraising.

According to information from CoinStatsMutant Ape Planet had a floor price of 0.01 ETH at the time of publication, and a total volume of 568.59 ETH. Interestingly, the project’s trading volume has increased by more than 4,400% in the last 24 hours. Local community members took over the project. They were reportedly trying to bring him back to life at the time of writing.

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