Seller Of 'mutant Ape Planet' NFTs In Plea Talks

A French national is in plea bargain discussions with prosecutors following a $2.9 million cryptocurrency scam involving his "Mutant Ape Planet" tokens.

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In January, the 24-year-old Aurelien Michel, who lives in the United Arab Emirates, was charged by federal prosecutors with falsely promising to buyers of the NFT exclusive rewards and benefits in order to increase demand for the unique images and boost their value. According to him, the claims were made to increase the demand for unique images and boost their value as well.

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Michel aimed to take advantage of the broader trend for ape-themed NFTs in 2022, by offering 9999 images of mutant apes, which were minted starting on February 4, 2022. Upon launching the collection, the NFTs sold on the Ethereum blockchain cost about $468 each, based on the price of Ether at the time, according to the US government.

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It was alleged that Michel diverted payments from the NFT purchases to cryptocurrency wallets that he controlled rather than paying with NFTs.

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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. 

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This case is US v. Michel, 23-MJ-00007, filed in the U.S. District Court for the Eastern District of New York (Brooklyn). 

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