French citizen Aurelien Michel, who lived in the United Arab Emirates (UAE), pleaded guilty to wire fraud and defrauding customers, according to federal court documents in Brooklyn, New York.
Investigative materials presented during the trial indicate that Michel and his co-conspirators sold counterfeit NFTs, falsely promising buyers numerous rewards and benefits, supposedly designed to increase the future value of the purchased tokens.
After receiving about $3 million, Michel tried to escape with the stolen money, but was arrested. He faces up to five years in prison and a $1.4 million fine, according to the U.S. Attorney for the Eastern District of New York.
A year earlier, Yuga Labs studio filed a lawsuit against artist Rider Ripps and his partners for violating the copyright of the Bored Ape series of non-fungible tokens and undermining the fundamental economic activities of the developer.
Source: Bits
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