A French national accused of criminally defrauding buyers of his “Mutant Ape Planet” non-fungible tokens in a $2.9 million cryptocurrency scam is in plea bargain discussions with prosecutors, according to a court filing.
(Bloomberg) — A French national accused of criminally defrauding buyers of his “Mutant Ape Planet” non-fungible tokens in a $2.9 million cryptocurrency scam is in plea bargain discussions with prosecutors, according to a court filing.
Aurelien Michel, 24, who lives in the United Arab Emirates, was charged by federal prosecutors in Brooklyn, New York, in January with falsely promising buyers of the NFTs exclusive rewards and benefits that he claimed were designed to increase demand for the unique images and boost their value.
Michel sought to take advantage of the broader ape-themed NFT trend in 2022 by offering 9,999 images of mutant apes that were minted starting on Feb. 4. The NFTs, sold on the Ethereum blockchain, cost about $468 each when the collection launched, based on the price of the Ether at the time, the US said.
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Instead, Michel diverted payments from the NFT purchases to cryptocurrency wallets he controlled, the government said.
Prosecutor Dylan Stern and Adam Brody, a lawyer for Michel, asked the court to delay the case until April 5, because they “are engaged in plea negotiations, which they believe are likely to result in a disposition of this case without a trial.”
The case is US v. Michel, 23-MJ-00007, US District Court, Eastern District of New York (Brooklyn).
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