The creator of the Mutant Ape Planet NFT collection recently pleaded guilty to conspiracy to commit wire fraud in connection with a $3 million “rug pull” scam targeting investors.
Aurelien Michel, a French national who developed the NFT project, admitted to perpetrating fraud by falsely marketing the Mutant Ape Planet collection as having exclusive rewards and benefits for investors. According to the U.S. Department of Justice (DOJ), Michel never intended to deliver those benefits.
Michel was arrested in New York in early January 2023 on charges tied to the scheme. The DOJ said he later confessed via social media that he executed a rug pull, diverting millions in proceeds for personal gain.
After being convicted, Michel could potentially be imprisoned for a maximum of five years and has agreed to compensate scam victims with a sum of $1.4 million.
The Mutant Ape Planet NFTs, a knock-off of the popular Mutant Ape Yacht Club collection, were minted on Ethereum but removed from OpenSea after the fraud allegations surfaced. At its peak in early 2022, the collection generated over $320,000 in sales volume before crashing to near zero value by January 2023.
Michel’s guilty plea marks one of the first major criminal convictions involving an NFT rug pull. As the DOJ cracks down on crypto fraud, Michel’s case may serve as a warning to other potential scammers in the NFT space.
