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Federal authorities arrested Mutant Ape Planet founder Aurelien Michel on Wednesday. The culprit is said to have organized an NFT rug pull. But that could be one of the numerous Ponzi schemes in that Michel was involved.

On Friday, ZachXBT, a blockchain analyst, shared On-chain data on their Twitter handle, suggesting that Michel may have generated millions of dollars from other related frauds. ZachXBT linked the Mutant Ape Planet founder’s Binance address to accounts connected to two other rug pulls.

Blockchain Analyst Links Michel to Two Other NFT scams

The two NFT scams include Crazy Camels and Fashion Ape NFT. In the blockchain industry, NFT rug pulls involve NFT creators selling thousands of NFTs on fake promises of massive benefits; however, after collecting the investors’ funds, they abandon the project, usually by deleting their social media accounts.

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Prosecutors have charged Michel with conspiracy to commit wire fraud for his involvement in scamming the Mutant Ape Planet NFT holders. Before his arrest at JFK airport in New York, the 24-year-old French national resided in Dubai.

According to the prosecutors, Michel collected over $2.8 million before suddenly pulling the plug on the project. In addition, Michel promised Mutant Ape Planet NFT holders giveaways, merchandise collections, and tokens with staking features. However, not a single perk was actualized.

Justice Department Fails to Mention Michel’s Involvement in Other NFT Ponzi Schemes

The Justice Department’s complaint against Michel, posted on DOJ’s Twitter account, never mentioned his involvement in other NFT scams. However, under the reply section, ZachXBT asked the law enforcer to track down Michel’s binance account, which was linked to other alleged NFT rug pulls.

The blockchain analyst believes that Michel’s use of publicly traceable accounts to organize the alleged NFT scams shows that he either does not fear retribution or lacks knowledge of how visible transactions on the blockchain are.

Moreover, the Justice Department cited in its complaint against the Mutant Ape Planet founder that he openly admitted in the project’s discord that he had rugged the NFT holders claiming they were too toxic.

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James Davis

By James Davis

James Davis is a prominent crypto writer and analyst at Herald Sheets, recognized for his well-researched articles and thorough analysis of the dynamic digital currency market. Holding a degree in Economics from Harvard University, James combines his academic background with a keen interest in cryptocurrency to provide readers with the latest industry insights and trends.