The U.S. Division of Justice (DOJ) is urgent costs in opposition to a Solana (SOL) non-fungible token (NFT) developer who allegedly pulled the rug on traders.
In response to a brand new press launch, the DOJ is charging Vietnamese nationwide Le Anh Tuan with one rely of conspiracy to commit wire fraud and one rely of conspiracy to commit worldwide wire fraud in reference to the Baller Ape Membership, an NFT investing group.
“Shortly after the primary day Baller Ape Membership NFTs have been publicly offered, Tuan and his co-conspirators engaged in what is named a ‘rug pull,’ ending the purported funding venture, deleting its web site, and stealing the traders’ cash.”
Tuan and his collaborators allegedly stole about $2.6 million from merchants earlier than trying to launder the funds by changing them to totally different crypto belongings throughout a number of blockchains and utilizing decentralized change swap companies to masks their tracks.
“Based mostly on blockchain analytics, shortly after the rug pull, Tuan and his co-conspirators laundered traders’ funds by way of ‘chain-hopping,’ a type of cash laundering during which one sort of coin is transformed to a different sort and funds are moved throughout a number of cryptocurrency blockchains, and used decentralized cryptocurrency swap companies to obscure the path of Baller Ape traders’ stolen funds.
In whole, Tuan and his co-conspirators obtained roughly $2.6 million from traders.”
In response to the DOJ, that is the most important recognized NFT scheme charged up to now. If convicted, Tuan faces a most penalty of as much as 40 years in jail.
Test Worth Motion
Do not Miss a Beat – Subscribe to get crypto e mail alerts delivered on to your inbox
Comply with us on Twitter, Fb and Telegram
Surf The Every day Hodl Combine
Featured Picture: Shutterstock/ArtemisDiana
