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Home » An NFT Rug Pull Scammer Has Finally Been Convicted, Faces Federal Prison – Decrypt

An NFT Rug Pull Scammer Has Finally Been Convicted, Faces Federal Prison – Decrypt

An NFT Rug Pull Scammer Has Finally Been Convicted, Faces Federal Prison – Decrypt

For the first time in U.S. history, the architect of a so-called NFT “rug pull” scheme has been convicted of a federal crime—and could soon end up behind bars. Aurelien Michel, the 25-year old founder of the ill-fated Mutant Ape Planet NFT collection, pled guilty Tuesday at a federal courthouse in Brooklyn to wire fraud charges. He was accused of conspiring to commit wire fraud in the process of defrauding Mutant Ape NFT holders of almost $3 million.Michel now faces up to five years in federal prison, and has agreed to pay $1.4 million in forfeiture, according to the Department of Justice. When… 

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