Frenchman Aurélien Michel has just pleaded guilty in the United States. He admitted to the “rug pull” of the Mutant Ape Planet collection of NFTs, and faces 5 years in prison for fraud. Here’s a look back at the story, and the charges against him.
French creator of Mutant Ape Planet pleads guilty in the US
Aurélien Michel is the son of footballer Coco Michel, and used to live in the United Arab Emirates. In 2022, his collection of non-fungible tokens (NFTs), “Mutant Ape Planet”, enjoyed moderate success. Inspired by the self-proclaimed Bored Ape Yacht Club, its 25-year-old creator pocketed $3 million… until he turned his back on the project.
And that’s exactly what it’s accused of. On Mutant Ape Planet’s social networks, we can see that Aurélien Michel has been promoting this collection, promising investors significant returns on their investment. But during 2022, he had admitted on the Community Discord that he had detached himself from the project, citing a “toxic” environment:
“We never wanted to do a rug pull, but the community became too toxic. I recognize that it was our behavior that led to this. “
Rewards that never came
Prosecutors pointed to the rewards offered to investors, which never materialized. According to them, this was a conscious strategy on the part of Aurélien Michel:
“While Michel claimed to be selling dream NFTs, with perks and rewards, he was actually deceiving investors, turning their dreams into a nightmare. “
The maneuver allowed Aurelien Michel to walk away with $3 million. He was arrested earlier this year in New York, and faces up to 5 years in prison. The Frenchman has already agreed to pay $1.4 million to return the funds. He will find out next May what sentence the judge in charge of the case will impose
