Developer of Mutant Ape Planet NFTs Pleads Guilty to $3M Fraud in Rug Pull Scandal

Bitget App

Trade smarter

Bitget

News

Cointime2023/11/14 20:18

By:Cointime

Aurelien Michel, the developer of the Mutant Ape Planet NFT collection, has pleaded guilty to defrauding buyers in a rug pull that resulted in nearly $3 million in profit. Michel, a French citizen residing in the United Arab Emirates, was arrested in New York and faces up to five years in prison. He has also agreed to pay $1.4 million in forfeiture. Michel admitted to the rug pull in the community's Discord channel under the pseudonym "James," stating that the community had become too toxic.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA•2025/09/12 06:14

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA•2025/09/12 06:14