DOJ charges NFT developer with $2.6 million 'rug pull' scam by stephanie_murr
A developer of the Baller Ape NFT was charged by the U.S. Department of Justice for allegedly stealing $2.6 million from investors — and could face serious prison time if convicted.
The Baller Ape project is the largest known NFT scheme charged to date. The DOJ announced charges in three additional crypto-related criminal cases on Thursday. After the so-called rug pull, the DOJ claims that blockchain analytics show the developers laundered investor funds through “chain-hopping.” The practice involves converting coins, moving them across multiple cryptocurrency blockchains and using decentralized cryptocurrency swap services to obscure the movement of the money.A trio of other cases announced by the DOJ this week includes one man who allegedly faked relationships with the U.S.
Pires and Goncalves could face up to 45 years in prison if convicted on all counts. Nicholas could face up to 25 years in prison. David Saffron of Nevada is accused of fraudulently raising $12 million from investors to participate in an unregistered commodity pool. Saffron falsely claimed he used a trading bot that would generate between 500 and 600 percent returns on the amount invested, according to the DOJ. He also misled investors with a seemingly lavish lifestyle.
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