BankInfoSecurity.com reported that “A Vietnamese man accused of orchestrating the largest non-fungible token rug pull to date faces prosecution in the United States for wire fraud conspiracy and money laundering.” The July 1, 2022 article entitled “US DOJ Targets Baller Ape Rug Pull and Other Crypto Fraud” included these comments:
The indictment is one of a clutch of cryptocurrency fraud prosecutions touted by Justice this week.
They include cases against a fraudulent investment fund that purportedly traded on cryptocurrency exchanges, a global Ponzi scheme involving the sale of unregistered crypto securities, and a fraudulent initial coin offering.
Blockchain entries pointing to cartoons of anthropomorphized apes have been a hot commodity among crypto traders who looked forward to the promised drop of 5,000 such digital assets under the Baller Ape brand.
Each digital asset was priced the equivalent of approximately $300 each.
Higher-end cartoon apes won purchasers entry into reward programs.
Clearly this is not what everyone expected when they invested in these NFTs!