cryptojournalist
Aurelien Michel, the developer behind Mutant Ape Planet—a knockoff of the popular Mutant Ape Yacht Club NFT collection—admitted to defrauding investors. He now has to forfeit $1.4 million and pay a $15,000 fine but will avoid further jail time.
Court Sentences and Fines
On November 1, a U.S. court sentenced Michel, a French citizen, to one month in jail, which he already served. Prosecutors wanted him locked up for three years, but Michel’s lawyers argued that since NFT buyers received digital art, it was hard to measure any actual financial loss.
Confession of a “Rug Pull” Scheme
In January 2023, Michel was arrested for allegedly taking $2.9 million from investors in what’s called a “rug pull”—when creators abandon a project after collecting funds. He admitted to the scam on social media, blaming what he called the community’s “toxic” behavior.
NFT Collection’s Decline
Mutant Ape Planet launched in early 2022 with 6,797 NFTs on Ethereum. While it started strong, selling 567 ETH worth (around $2,486 per ETH), its value has since plummeted.
