Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Zenger
Zenger
National
Umesh Dahal

Creator Of Mutant Ape Planet NFT Aurelien Michel Arrested

In this photo illustration, an NFT (Non Fungible Token) logo is displayed on a smartphone screen. The Mutant Ape Planet (MAP) is a collection of 6799 unique mutant apes. Each Mutant Ape Planet allows its owner to be part of an exclusive community giving different perks and experiences to its holders. AVISHEK DAS/SOPA IMAGES LIGHTROCKET VIA GETTY IMAGES

Mutant Planet Ape (MAP) NFT creator Aurelien Michel was arrested for defrauding investors of $2.9 million worth of crypto currency. The 24-year-old French national, who was residing in the United Arab Emirates (UAE), was arrested at JFK International Airport on Wednesday.

Capture of mutanapeplanetcommunity which shares about the founder of NFT project “Mutan Ape Planet” has been arrested. MUTANAPEPLANETCOMMUNITY/INSTAGRAM

A criminal complaint was filed in US federal court on Thursday, a day after taking him into custody.

“As alleged, Aurelien Michel perpetrated a ‘rug pull’ scheme – stealing nearly $3 million from investors for his own personal use,” said Ivan J. Arvelo, Special Agent in Charge of Homeland Security Investigations in New York. https://t.co/eHWabYVfx2

— HSI New York (@HSINewYork) January 5, 2023

Mutant Ape Planet listing pages on OpenSea. Michel falsely promised his buyers of NFTs exclusive rewards and benefits to increase demand for Mutant Planet Ape NFT, according to the US Attorney’s Statement issued on Thursday. MUTANTAPEPLANET/OPENSEA

 

Michel falsely promised his buyers of NFTs exclusive rewards and benefits to increase demand for Mutant Planet Ape NFT, according to the US Attorney’s Statement issued on Thursday. The NFTs cost approximately $368 per image at the time of their launch and were sold on the Ethereum blockchain.

In this photo illustration, an NFT (Non Fungible Token) logo is displayed on a smartphone screen. The Mutant Ape Planet (MAP) is a collection of 6799 unique mutant apes. Each Mutant Ape Planet allows its owner to be part of an exclusive community giving different perks and experiences to its holders. AVISHEK DAS/SOPA IMAGES LIGHTROCKET VIA GETTY IMAGES

However, Michel is accused of flying away after duping investors, according to the US government’s complaint.

“After selling out of the NFTs, the purchasers were “rug pulled” – a crypto currency scam in which a developer attracts investors, but pulls out before the project is complete, leaving buyers with a worthless asset – as none of the promised benefits were provided.

Instead, millions worth of the NFT purchasers’ crypto currency was diverted for Michel’s personal benefit.” said the US Attorney’s Office.

There are 6,799 MAPs uploaded on the Ethereum blockchain, and there has been no transaction since Friday.

“Once the NFTs were sold-out, Michel allegedly ceased communications and withdrew purchasers’ funds from the company’s cryptocurrency wallets, lining his pockets with nearly $3 Million of investors’ money,” said Thomas Fattorusso in the US Justice Department press release, IRS Acting Special Agent-in-Charge.

Other Frauds too?

It has been alleged by blockchain analyst ZachXBT that on-chain data suggests Michel has stolen millions of dollars from various fraudulent schemes.

I took a look at Aurelien’s CEX address named in the complaint for Mutant Ape Planet

Using it you can see he is likely a team member of the $1.1m (3.61 feets) rug pull @fashionapenft as well since he received $123k from the mint

And was also on the team for Crazy Camels $1.6m (5.25 feets) rug pull https://t.co/Gpb3LVkRXX pic.twitter.com/KcSMQu6aJF

— ZachXBT (@zachxbt) January 6, 2023

ZachXBT was able to track down Michel’s Binance account by using identifying information provided in the Department of Justice’s complaint about Michel’s cryptocurrency accounts. This Binance account was connected to several other NFT projects that were reportedly fraudulent.

Just go to the contract on Etherscan for MAP and look where funds were transferred to (mainly to Tornado & 0x1475 Binance deposit address)

0x14751De68395f6B0867eB174b6491fD0C10d3bEB

Here are additional related addresses to Aurelien:https://t.co/2J6r2CApJd pic.twitter.com/ng71oWvck7

— ZachXBT (@zachxbt) January 6, 2023

ZachXBT believes that Michel is involved in other NFT scams. Michel’s Instagram account was listed as a co-founder on the website for the Crazy Camel NFT project. The website is currently not accessible, but you can view an archived version by clicking here.

“They [might] not have a basic understanding of how the blockchain works,” said ZachXBT, “since they are depositing the funds to their personal CEX [centralized exchange] account, and buying expensive NFTs they flaunt on social media.”

The Justice Department alleged in Michel openly admit in a Mutant Ape Planet Discord channel that he had rugged investors.

“As alleged, in a social media chat with current and prospective purchasers, Michel admitted to the fraudulent “rug pull,” but blamed the community of NFT purchasers for his actions, stating, “We never intended to rug but the community went way too toxic,”  said in Justice Department’s statement.

The department has requested victims to contact Homeland Security Investigations (HSI) in New York.

“If you believe that you have been a victim of this crime, please call the HSI Tip Line at 1-866-347-2423,” said in Justice Department’s statement.

 Produced in association with MetaNews.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.