Mutant Ape Planet NFT Rug Puller Guilty ...

[ph1l]

https://www.justice.gov/usao-edny/p...leads-guilty-international-scheme-defraud-nft

Aurelien Michel Conspired to Steal From Purchasers of “Mutant Ape Planet” NFTs Through False Promises and Misrepresentations
...
When sentenced, Michel faces up to five years in prison. Michel has also agreed to pay $1.4 million in forfeiture.

That sounds like justice was served, but

“Aurelien Michel enticed investors with promises of capitalizing on the NFT trend, only to abandon the project after amassing nearly $3 million in what’s described as a ‘rug-pull scheme.’ The defendant, accused of misleading the Mutant Ape NFT community, claimed innocence and even labeled victims as ‘too toxic.’

How can he get to keep the ~$1.6 million difference?

 

[BMK]

How can he get to keep the ~$1.6 million difference?

My guess is that's not what happened.

What probably happened:

He amassed $3 million and it was held in crypto. By the time the authorities seized it and converted it to fiat money, it was only worth $1.4 million.

 

[Overnight]

My guess is that's not what happened.

What probably happened:

He amassed $3 million and it was held in crypto. By the time the authorities seized it and converted it to fiat money, it was only worth $1.4 million.

They can still say he owes the remaining 1.6 million. Just because you don't have it doesn't mean you don't owe it. He got a good deal.