In a classic rug pull, Aurelien Michel allegedly absconded with the funds and abandoned the Mutant Ape Planet project, leaving thousands of investors with worthless digital collectibles.
The cases include an NFT rug pull, a fraudulent investment fund, an unregistered digital currency security Ponzi scheme, and a fraudulent ICO.
Senate Bill S8839 and Assembly Bill A8820 both call for the defining, criminalizing, and penalizing digital currency projects designed to fleece investors.
The two 20-year-old men, who were arrested in California, allegedly sold 8888 NFTs in early January before abandoning the project and vanishing with the ETH from investors.
Squid Game had several red flags and investors could have easily seen through the vague promises of a gaming metaverse, yet quick riches lured them in.
The Compounder Finance team has rugged pulled its user community and stolen over $10 million dollars right from under their noses.
