The developer behind the Mutant Ape Planet non-fungible token (NFT) collection pleaded guilty on Tuesday to defrauding buyers in a $3 million rug pull.

Guilty Plea And Consequences

Aurelien Michel, a French citizen residing in the United Arab Emirates, has pleaded guilty to charges of conspiracy to commit wire fraud. He was arrested earlier this year at JFK Airport in New York by Homeland Security Investigation agents. The charges stemmed from accusations of defrauding investors in his Mutant Ape Planet NFT collection, amounting to $3 million.

Pleading guilty to conspiracy to commit wire fraud, Michel now faces a potential prison term of up to five years. As part of the plea agreement, he has also consented to forfeit $1.4 million, with the fate of the remaining $1.6 million yet to be …