A man committed suicide after being convicted for participating in the planning of an NFT "Rug Pull."

ChainCatcher news, according to Decrypt, in November 2024, a U.S. court ruled that 21-year-old Berman Jerry Nowlin helped orchestrate a $400,000 NFT "Rug Pull" incident, with charges including telecommunications fraud and money laundering. According to Nowlin's family, Nowlin has since committed suicide.

Berman Jerry Nowlin, along with 25-year-old Devin Alan Rhoden, sold two collections of Solana NFTs in 2022, the first series being "Undead Apes," the second series being "Undead Lady Apes," and the sale of the third series "Undead Tombstone" was halted. The two earned nearly $400,000 in total from these sales before being convicted.

A report from the U.S. Department of Justice explains that the success of these projects was due to "completely false statements," including collaborations with "well-known companies" and promises of utility for holders. Additionally, the Department of Justice defined the canceled third series as a "Rug Pull," as the team deleted their Discord and Twitter accounts after collecting payments.