The U.S. Department of Justice (DOJ) announced that Aurelien Michel, the developer of the MAYC counterfeit Mutant Ape Planet series NFT, pleaded guilty in the U.S. federal court to a fraud case of approximately US$3 million.
Michel, a French citizen living in the United Arab Emirates, was arrested in New York earlier this year on suspicion of defrauding him of $2.9 million. The U.S. Attorney for the Eastern District of New York said Michel faces up to five years in prison and has agreed to pay a $1.4 million forfeiture fine. (CoinDesk)
According to previous news in January, Aurelien Michel, the developer of the Mutant Ape Planet series NFT, was arrested and charged with fraud for allegedly defrauding US$2.9 million. According to the complaint filed with the court, Aurelien Michel and other defendants marketed the Mutant Ape Planet NFT to potential buyers with promises including “rewards, sweepstakes, exclusive access to other cryptocurrency assets, and provision of the NFT from a community-controlled wallet.” Marketing Funds for NFT Series”. The project developers also implicitly promised that NFT holders would receive “metaverse land”. However, none of the above promises have been fulfilled. When all the NFTs were sold, Michel and the other defendants allegedly transferred nearly $3 million in proceeds to other wallets, including one controlled by Michel.