Aurelien Michel has pleaded guilty to defrauding investors.
He has agreed to pay $1.4 million in restitution.
The creator of the Mutant Ape Planet non-fungible token (NFT) collection, Aurelien Michel, a French national, has pleaded guilty to conspiracy to commit wire fraud in a New York federal court.
The Mutant Ape Planet NFTs were a knock-off of Yuga Labs’ Mutant Ape Yacht Club (MAYC) project.
The U.S. Attorney’s Office for the Eastern District of New York announced on 14th November that Michel had confessed to orchestrating a “rug pull.”
This resulted in the defrauding of investors to the tune of $3 million linked to the fraudulent Mutant Ape Planet NFTs.
Artificial demand and rug pull touted as charges
The Department of Justice (DOJ) prosecutors revealed that Michel and his co-conspirators falsely marketed the NFTs to investors by promising rewards and benefits. They created artificial demand for the collection.
In a deceptive move, they intentionally failed to deliver on t
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