Two NFT developers admit to involvement in a $400,000 "Rug Pull" scam, money laundering, and telecommunications fraud

2024-11-01 20:41:15

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ChainCatcher news, two men pleaded guilty in a U.S. court for a "Rug Pull" scam involving three Solana NFT projects in 2022, with amounts reaching $400,000. One has been convicted, while the other admitted to conspiracy to commit wire fraud and money laundering.

The case involves the NFT projects "Undead Apes," "Undead Lady Apes," and "Undead Tombstone." The scammers used false statements to inflate project prices and attract investors. The projects raised nearly $400,000 in a short period. In April 2022, after minting 632 "Undead Tombstone" NFTs, the scammers suddenly shut down all project social accounts and cut off contact with the community, completing the "Rug Pull."

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