Earlier this week, Baller Ape Club was the subject of a lawsuit with an NFT which caused investors to lose $1.6M in real time. If that doesn’t get you up your second cup of coffee yet, I don’t know what will!
The “doj files against baller club pull” is a news article that details the founder of Baller Ape Club could face up to 40 years in prison.
Following the execution of a pre-planned rug pull, the Department of Justice (DOJ) has declared that the designer of the Baller Ape Club NFT line will face criminal prosecution. This is the second time a federal prosecutor has pursued an NFT rug pull conspiracy, and the case also involves accusations against three more unknown rug pullers.
Le Anh Traun, a Vietnamese citizen, is the defendant in the case and is accused of conspiring to conduct wire fraud as well as international money laundering. The accusations follow Traun reportedly receiving $2.6 million from the Baller Ape NFTs mint, deleting the project’s website soon afterwards, and then laundering the money by converting it into other cryptocurrencies and transferring it across several blockchains (a process known as “chain-hopping”).
Traun may spend up to 40 years in jail if found guilty of the serious crimes listed above. Chasing looking into the makers of the Frosties NFT line back in March, the DOJ is now after the founder of the Baller Ape Club. U.S. Attorney Tracy L. Wilkison said the following about certain Web3 transgressions:
“These incidents serve as an important reminder that some scam artists conceal themselves behind current terms, but at the end of the day, all they really want to do is steal people’s money. We’ll keep collaborating with law enforcement to inform and safeguard prospective investors about both conventional and cutting-edge investments.
The “doj files charges against baller ape” is a cryptocurrency project that could face up to 40 years in prison.
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