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Creator of Mutant Ape ripoff NFTs pleads guilty to $3M fraud scheme

November 15, 2023 Coin Telegraph

Creator of Mutant Ape ripoff NFTs pleads guilty to M fraud scheme

Aurelien Michel

The French developer of the Mutant Ape Planet NFT collection faces up to five years in prison after pleading guilty to wire fraud charges.

The creator of the Mutant Ape Planet nonfungible token (NFT) collection — a knock-off of Yuga Labs’ Mutant Ape Yacht Club project — has pleaded guilty to conspiracy to commit wire fraud in a New York federal court.

In a Nov. 14 statement, the U.S. Attorney’s Office for the Eastern District of New York said French national Aurelien Michel pleaded guilty to executing a “rug pull” and admitted to defrauding investors out of $3 million in connection with the fraudulent Mutant Ape Planet NFTs.

Nonfungible Token (NFT) Developer Pleads Guilty to an International Scheme to Defraud NFT Purchasers

Aurelien Michel Conspired to Steal From Purchasers of “Mutant Ape Planet” NFTs Through False Promises and Misrepresentations@HSINewYork @IRSCI_NY https://t.co/K3CzIb8dQD
— US Attorney EDNY (@EDNYnews) November 14, 2023

According to Department of Justice (DOJ) prosecutors, Michel and his co-conspirators marketed the NFTs to investors by falsely promising them rewards and benefits designed to increase the demand for the collection.

Prosecutors said Michel and his associates “intentionally failed to deliver on these promises, diverting millions of dollars’ worth of proceeds for their personal benefit.”

“While Michel purported to sell dream NFTs backed with rewards and benefits, he defrauded investors, turning their dream into a nightmare of deception and losses,” said Thomas M. Fattorusso, special agent in charge of IRS criminal investigation in New York.

“There is no excusing this kind of greed, and today’s guilty plea brings Michel one step closer to realizing his own nightmare — behind bars.”

Michel was arrested in New York on Jan. 4, 2023, on charges related to the scheme. The DOJ said on Jan. 5 that Michel admitted to the NFT collection’s community via a social media chat that he perpetrated a rug pull and said “we never intended to rug but the community went way too toxic.”

Upon sentencing, Michel faces a maximum sentence of five years in prison and has agreed to pay $1.4 million in restitution.

The Mutant Ape Planet collection — which has since been removed from the NFT platform OpenSea — once consisted of 6,797 NFTs minted on the Ethereum blockchain.

In February 2022, it boasted more than 320 Ether (ETH) in sales volume, which dropped significantly by April 2022, two months later.

*Sales of the Mutant Ape Planet NFT collection between Jan. 2022 to Jan. 2023. Source: OpenSea*

By January 2023, around the time of Michel’s arrest, the average price and total sales volume of the collection had cratered to near zero.

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Yuga Labs confirms UV lights likely cause of eye issues at ApeFest

November 9, 2023 Coin Telegraph

Apefest

The Bored Ape Yacht Club’s official Twitter account said an investigation confirmed suspicions that UV lights were the likely cause of the reported eye and skin issues suffered by some attendees.

Ultraviolet (UV) lights were the likely culptit behind the reported vision loss, eye pain and skin issues for at least 15 attendees of Yuga Labs’ ApeFest event in Hong Kong last week, the nonfungible token (NFT) conglomerate has confirmed.

On Nov. 5, attendees began reporting eye and skin-related issues after attending ApeFest the day before — which was a free event for Bored and Mutant Ape Yacht Club owners held in Hong Kong.

In a Nov. 9 X (Twitter) post, Yuga’s Bored Ape Yacht Club (BAYC) account confirmed that “UV-A emitting lights installed in one corner of the event was likely the cause of the reported issues.”

The BAYC said the determination came following a joint investigation with Jack Morton Worldwide, the agency that produced ApeFest, which conducted on-site inspections, testing, interviewed the events contractors and looked at equipment logs and specification sheets.

On Sunday, November 5, Yuga Labs began to receive reports that some ApeFest attendees and staff experienced eye pain, vision issues, or skin irritation following the Saturday night community event. These reports were - and continue to be - deeply concerning to us. We immediately…
— Bored Ape Yacht Club (@BoredApeYC) November 9, 2023

UVA is a UV wavelength range accounting for around 95% of the UV radiation that reaches the Earth’s surface, according to the World Health Organization. The United States National Eye Institute says UV light exposure can potentially increase the risk of eye problems.

UVA lights, better known as blacklights, are used for different purposes depending on their wavelength. UVA lights with lower wavelengths are typically used for suntanning beds, while lights with wavelengths closer to the visible light spectrum are used for special effect lighting such as in nightclubs.

The BAYC did not disclose specific details about the kind of UVA lights used at ApeFest.

The NFT project said it encourages those with symptoms to seek medical help and notify of their exposure to UVA lights.

It also requested those impacted to message them on X, though some commenters on the post noted that DMs on Twitter have been switched off.

“We are saddened that this incident has detracted from the experience of ApeFest attendees,” the project wrote. “We are committed to supporting the recovery of anyone affected.”

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Bored Ape Yacht Club

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