The latest news shows that Aurelien Michel, “Mutant Ape Planet” NFT creator, has been charged with defrauding purchasers by “rug-pulling” them.
The U.S. government arrested the NFT creator for allegedly defrauding purchasers for $2.9M using a “rug-pull” scheme. The Department of Justice (DOJ) added that millions of dollars in crypto have been stolen and used for personal benefits.
“Mutant Ape Planet” (MAP) is a collection of 6799 unique mutant apes. According to OpenSea, each Mutant Ape Planet NFT allows its owner to be part of an exclusive community giving different perks and experiences to its holders.
This biography seems odd as the NFT collection never gave its community exclusive perks and experiences. Moreover, according to DOJ, the creator blamed the community in a social media chat and noted, “We never intended to rug, but the community went way too toxic.” What an explanation, wow! Sure they must consider how toxic the community was and how they manipulated him into rug-pulling them 😀
Another NFT scam joins the blacklist.
What is NFT
NFT, or Non-Fungible Token, is a digital asset on the blockchain with a unique identifier number and other meta-data. NFTs are the most secure and transparent method to distribute, trade, store, and track digital and physical assets.
Blockchain technology provides countless usabilities and aims to change the world as we know it. For example, just like cryptocurrencies, you can store NFTs in your Crypto wallet using your “public address,” where no one can intervene. Furthermore, every transaction takes place on the blockchain through smart contracts, guaranteeing both parties’ safety during a trade.