The Department of Justice will not let this developer get away with rug
A Solana NFT developer is in hot water after allegedly pulling the rug on investors. The Department of Justice currently pressing charges against them as punishment for the rugging.
Vietnamese national Le Anh Tuan has been charged with one count of conspiracy to commit wire fraud and one count of conspiracy to commit international wire fraud in connection with the Baller Ape Club debacle.
The DOJ released a statement about the charges and Tuan in regards to the investigation.
Shortly after the first day Baller Ape Club NFTs were publicly sold, Tuan and his co-conspirators engaged in what is known as a “rug pull” ending the investment project, deleting its website, and stealing the investor’s money.(dailyhodl.com)
About $2.6 million was allegedly stolen during this maneuver in which the money was laundered by converting them to different crypto assets across many different blockchains and then making use of swap services to cover their tracks. This was explained in yet another statement:
“Based on blockchain analytics, shortly after the rug pull, Tuan and his co-conspirators laundered investors’ funds through ‘chain-hopping,’ a form of money laundering in which one type of coin is converted to another type and funds are moved across multiple cryptocurrency blockchains, and used decentralized cryptocurrency swap services to obscure the trail of Baller Ape investors’ stolen funds.” (dailyhodl.com)
There are many rug-pulls that have happened on Solana and this one is one of the largest. Tuan faces up to 40 years in jail if convicted