DOJ Files Charges Against Baller Ape Club 'Rug Pull'

The Department of Justice this afternoon announced criminal charges against the creator of the Baller Ape Club NFT collection for orchestrating a so-called "rug pull." From a report: The charges, announced alongside those in three other cryptocurrency fraud cases, mark the second time that federal prosecutors have gone after an NFT "rug-pull" scheme, in which an NFT project's creators sell NFTs on false promises of community benefits and utility, only to abandon the project and make away with investors' funds. Le Anh Traun, a Vietnamese national, is charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit international money laundering. Traun allegedly collected $2.6 million from Baller Ape NFT buyers, only to shortly thereafter delete the organization's website and launder the funds. According to the Justice Department, he converted the ill-gotten gains into different cryptocurrencies and moved them across multiple blockchains, in a practice known as "chain-hopping." If convicted, Traun could face up to 40 years in prison.

hahaha

[iggymanz]

All NFT are rug pulls, some quick some in slo mo.

Retards and their money will soon be parted including by anything blockchain based.

why bother?

[sdinfoserv]

Because rich people lost money. If it was just average joe nobody who doesn't have the cash to waste on NFT's, this would go nowhere. Once again the US Gov't helps out the oligarchy instead of having them learn a lesson.

Re:

[drinkypoo]

What? They learned the lesson, which is money talks. Rich people's money says "do my bidding" when handed to some congresscreeps.

What did people expect?

[fahrbot-bot]

They invested -- actual money -- into something called the "Baller Ape Club."

Re:

[Tim the Gecko]

^^^ Score:5, Funny, but also Score:5, Insightful.

"I hate every ape I see. From chimpan-a to chimpan-z" [youtu.be]

Re:

[gosso920]

A fool and his money...

His mistake: Not being a politician.

[140Mandak262Jamuna]

Politicians can promise to run for elections, collect campaign donations. They can withdraw from the election. They can keep the cash they collected, and they will not be charged with rug pull or any such nonsense.

They can also donate their own money to "non-profits" that they control, and donate the money from the non-profit to their own campaign, and withdraw from the election and they can enjoy all the money in the campaign war chest, tax free!

Actually once you have enough money to handle the paper wo

Re:

[fermion]

Or it can be used to cover previous crimes, like molesting students.

Re:

[quantaman]

The big difference is that rich folks (and politicians) know how to break the law in ways that are hard to prosecute.

If this guy had merely paid himself exorbitant management feels, or employed a bunch of family members, or bought a bunch of overpriced assets from his other businesses, he could have still made off with a bunch of the money without having any real legal issues.

Re:His mistake: Not being a politician.

[Dorianny]

Politicians "promising something tangible" in return for a donation is called bribery!

Re:

[freeze128]

That's because those are "DONATIONS". No reasonable person expects anything in return for a donation. The ape thing though... Those are purchases.

Stupid NFT Apes

[divide overflow]

Every time I see those droll goofy ape images it reminds me of the silly trading cards together with a bad stick of chewing gum they used to sell to kids for small change.

Re:

[JustAnotherOldGuy]

Yeah, I remember that. It wasn't gum, it was recycled linoleum with a dusting of powdered sugar.

Re: Stupid NFT Apes

[Blackeneth]

Except [Wacky Packs](https://wackypacks.com/) gave you something tangible for your money -- a stick of gum, and a few cards of satirical artwork.

The best Wack Pack ever? [Koduck](https://wackypacks.com/stickers/3rd_series/tanbacks/koduck_tan_front_small.html)

don't drop the soap!

[Joe_Dragon]

don't drop the soap!