Incident Overview
Aurelien Michel, developer of MAYC's Mutant Ape Planet NFT series, has pleaded guilty after being arrested on charges of defrauding $2.9 million. Aurelien Michel and the other defendants marketed the Mutant Ape Planet NFT to potential buyers with promises including “rewards, sweepstakes, exclusive access to other crypto assets, and community-controlled wallets to fund the marketing of the NFT collection.” The project developer also implicitly promises that NFT holders can obtain "metaverse land". However, none of Michel's promises were kept. When all the NFTs were sold, Michel and the other defendants allegedly transferred the proceeds of $2.9 million to other wallets, including wallets under Michel’s control.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.