NFT REVIEW NEWS Baller Ape Club NFT Founder Could Face Up to 40 Years in Prison

The Department of Justice (DOJ) has announced that it will be filing criminal charges against the creator of the Baller Ape Club NFT collection after they carried out a pre-planned rug pull. The pursuit, which also includes charges to three other undisclosed rug pullers, is the second time a federal prosecutor has gone after an NFT rug pull scheme.

The defendant in the case is Le Anh Traun, a Vietnamese national who is charged with conspiracy to commit wire fraud and conspiring to commit international money laundering. The charges come as Traun allegedly collected $2.6 million from the mint of the Baller Ape NFTs, wherein shortly after they deleted the project’s website and laundered the funds through converting them into different cryptocurrencies and moving them across different blockchains (a practice known as ‘chain-hopping’). 

If convicted of the severe charges above, Traun could face up to 40 years in prison. The DOJ’s pursuit of the Baller Ape Club’s founder comes after its investigation into the creators of the Frosties NFT collection back in March. When speaking on such instances of Web3 wrongdoings, U.S. Attorney Tracy L. Wilkison said: 

“These cases serve as a crucial reminder that some con artists hide behind trendy buzzwords, but at the end of the day they are simply seeking to separate people from their money. We will continue to work with our law enforcement partners to educate and protect potential investors about both traditional and trendy investments”.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.


Leave a Reply

Crypto Sport Gaming News Crypto Sport Gaming News MetaSoccer Marketplace Introduces a New Section – Bundles –

Crypto Sport Gaming News Crypto Sport Gaming News Gods Unchained Offers $GODS Staking Rewards –