Mutant Ape Planet creator avoids prison in $2.9 Million NFT scam
Mutant Ape Planet NFT
Aurelien Michel, the French mastermind behind the “Mutant Ape Planet” NFT project, has escaped a prison sentence despite defrauding investors of millions.
Michel, 26, pled guilty to wire fraud conspiracy after admitting he promised exclusive perks to buyers but abandoned the project, pocketing $2.9 million, Bloomberg reports. While U.S. prosecutors sought a 37-month sentence, Judge Margo Brodie imposed a one-month time-served sentence, along with a $15,000 fine and a $1.4 million forfeiture order. The judge cited unclear losses, acknowledging that while buyers did receive some value, its worth remains uncertain.
Michel’s case highlights the challenges courts face in assigning value to digital assets in fraud cases. As NFT-related scams continue to rise, authorities are under increasing pressure to adapt fraud prevention measures in the volatile crypto market.
NFTs and the “Rug Pull” Phenomenon
Michel’s “rug pull” scheme mimicked high-profile NFT projects like Bored Ape Yacht Club, which had spiked in popularity in 2022, fueled by celebrity endorsements. Michel’s Mutant Ape Planet buyers were promised exclusive rewards, including a cryptocurrency token that never materialized. This scam—one of the few NFT-related cases to reach prosecution—also implicated Michel in other ventures, such as “Fashion Ape” and “Crazy Camels,” which he allegedly abandoned after raising over $1 million in each.
Michel’s arrest at JFK Airport highlights the growing risks in the decentralized crypto market, where fraud surged to record highs. According to the FBI, crypto-related scams reached $5.6 billion in 2023, a testament to the challenges regulators face in retrieving lost funds and protecting investors.
In June, Bitget announced the pre-market listing of Mocaverse (MOCA), allowing users to trade MOCA tokens before their official launch. This move, part of Bitget's strategic efforts to offer early access to prominent projects, highlights its commitment to innovative trading options and competitiveness in the crypto exchange market.
