1. PixelPlaygroundHome
  2. Metaverse Insights

NFT Developer Charged with Fraud in Mutant Ape Planet Series Negotiates Guilty Plea

• Metaverse Insights • 145 views

On March 2, it was reported that Aurelien Michel, the NFT developer of the Mutant Ape Planet series of Shanzhai MAYC, who was arrested for allegedly defrauding…

NFT Developer Charged with Fraud in Mutant Ape Planet Series Negotiates Guilty Plea

On March 2, it was reported that Aurelien Michel, the NFT developer of the Mutant Ape Planet series of Shanzhai MAYC, who was arrested for allegedly defrauding US $2.9 million and charged with fraud, was negotiating with the prosecutor to plead guilty.

Aurelien Michel, NFT developer of Mutant Ape Planet series, will plead guilty

Interpretation of the news:


The NFT enthusiast community was recently rocked by the news that Aurelien Michel, the developer behind the Mutant Ape Planet series of Shanzhai MAYC, had been arrested for allegedly defrauding US $2.9 million and charged with fraud. In a new development, it has been reported that Michel is now in negotiations with the prosecutor to plead guilty.

The Mutant Ape Planet series is a popular collection of non-fungible tokens (NFTs) on the Ethereum blockchain that features various mutant ape characters in different costumes and poses. Each NFT is unique and can be bought and sold on the NFT market for a varying price, depending on its rarity and demand. The series has gained a massive following in the NFT community and has recently been valued at millions of dollars.

However, the recent charges against Michel have put the future of the Mutant Ape Planet series in doubt. Michel was accused of creating and selling fake Mutant Ape Planet NFTs to unsuspecting buyers, thus defrauding them of millions of dollars. The charges also relate to Michel’s involvement in a larger NFT scam called the “Shanzhai” scheme, which is believed to have resulted in losses of around $100 million for its victims.

Michel’s negotiations with the prosecutor to plead guilty indicate that he is accepting responsibility for his actions and is potentially looking to reduce his punishment. If Michel is found guilty, he could face significant fines and even imprisonment, depending on the severity of the charges. Moreover, the scandal could have a lasting impact on the reputation of the NFT community, which is already grappling with issues such as environmental concerns, copyright infringement, and market volatility.

In conclusion, the news of Michel’s negotiations with the prosecutor to plead guilty highlights the dangers of fraud and scams in the fast-growing NFT market. It also underscores the importance of due diligence and caution when investing in NFTs. The Mutant Ape Planet series, which was once a beloved and valuable collection, now risks being tarnished by the scandal. NFT developers, marketplaces, and buyers alike must work together to ensure the integrity and legitimacy of the NFT ecosystem.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/4473/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/02/2023 06:04
Next 03/02/2023 06:13

Recommended articles