DOJ Files Charges Against Baller Ape Club ‘Rug Pull’ - Aliens: AI Crypto News & Markets Updates
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DOJ Files Charges Against Baller Ape Club ‘Rug Pull’

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Decrypt

Thu, Jun 30, 2022

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The Department of Justice this afternoon announced criminal charges against the creator of the Baller Ape Club NFT collection for orchestrating a so-called “ rug pull .” The charges, announced alongside those in three other cryptocurrency fraud cases, mark the second time that federal prosecutors have gone after an NFT "rug-pull" scheme, in which an NFT project’s creators sell NFTs on false promises of community benefits and utility, only to abandon the project and make away with investors’ funds.

Only in March of this year, when the DOJ announced its first ever case against an NFT creator for defrauding buyers (creators of the well known “rug-pull” NFT collection Frosties), did the federal government signal its willingness to pursue such cases.

“We will continue to work with our law enforcement partners to educate and protect potential investors about both traditional and trendy investments.” The Baller Ape case, along with the three others announced today, are the product of a national enforcement action led by the DOJ in conjunction with the Department of Homeland Security and the FBI.

The other cases charged today include an alleged cryptocurrency Ponzi scheme that raised almost $100 million; a fraudulent initial coin offering that stole $21 million from misled investors; and an elaborate crypto commodities scheme that saw a man promise 600% returns to investors he wooed with meetings at Hollywood Hills homes he did not own, using a fake team of armed security guards to generate a false image of wealth and power.

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