The developer behind the Mutant Ape Planet non-fungible token (NFT) collection — a copy of the Mutant Ape Yacht Club NFTs — pleaded guilty Tuesday to defrauding buyers in a rug pull that netted nearly $3 million, according to the U.S. Department of Justice. (DOJ).
Aurelien Michel, a French citizen living in the United Arab Emirates, was arrested in New York earlier this year. He faces up to five years in prison and has agreed to pay $1.4 million in forfeiture, according to the U.S. Attorney for the Eastern District of New York.
“Our office is acutely aware that criminal actors are taking advantage of the steady pace of innovation in digital assets and the investing public’s desire to engage with cryptocurrency to commit large-scale fraud,” said U.S. Attorney Breon Peace.
As Mutant Ape Planet’s buyers began to realize they had been duped by the developers, authorities say Michel, who posted under the pseudonym “James,” admitted to messing around on the community’s Discord channel.
“It was never our intention to be abusive, but the community became way too toxic,” the developer wrote in “James” post. “I recognize that our behavior led to this.”
Read more: Developer of ‘Mutant Ape Planet’ NFTs Arrested, Charged with Fraud Over Alleged $2.9 Million Carpet Pull
