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📰 Mutant Ape Planet Creator Forfeits $1.4 Million, Avoids Prison
😱 Aurelien Michel, the creator of Mutant Ape Planet NFTs—an imitation of the famous Mutant Ape Yacht Club—recently pleaded guilty to defrauding investors. A U.S. court ordered him to forfeit $1.4 million and pay a $15,000 fine but did not impose a prison sentence. Michel previously spent one month in detention in New York, which was counted towards his penalty.
⚖️ Prosecutors had sought a 37-month prison term, claiming investors lost significant funds. However, Michel’s defense argued the losses were exaggerated, stating that investors did receive digital artwork as part of the collection, though its value remains unclear.
📉 The case has highlighted issues within the NFT space, as Michel admitted on social media that he and his team “never intended to rug,” but claimed the project became “too toxic.” Despite early sales success, the collection’s average price dropped sharply since its launch. 0 reply
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