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Two US citizens were found guilty of carrying out a rug pull after the successful launch of NFT collections. This is stated in a press release from the Ministry of Justice.
21-year-old Berman Jerry Nowlin Jr. and 25-year-old Devin Alan Rhoden have created two NFT collections on the Solana blockchain, UndeadApes and Undead Lady Apes.
Nowlin acted as a developer for both projects, Rhoden was engaged in sales through Discord and X. The price of tokens increased noticeably within a few weeks. For example, UndeadApes tokens rose from $5 to $360.
The defendants took advantage of the success of the first two collections and in April 2022 announced the launch of the third NFT series, Undead Tombstone. They made misleading statements, including regarding partnerships with other projects and the size of reinvested crypto assets.
On April 19, Nowlin and Rhoden created 632 NFTs, after which they carried out a rug pull, stealing investors' funds and deleting accounts on Discord and X. They received about $135,000 and transferred the funds to the Ethereum blockchain, after which they sold and withdrew US dollars to a bank account.
In total, the revenue from the three collections amounted to about $400,000.
Rodin pleaded guilty on May 24, 2024, with a sentencing hearing on November 20. Noulin will be sentenced on January 23, 2025, he faces up to 5 years in federal prison.
Source
Devin Alan Rhoden (25, Pinellas Park, Florida), a/k/a “Denny” and “Deviinz,”
Berman Jerry Nowlin, Jr. (21, Huntsville, Alabama), a/k/a “Repulse” and “Zayous,”
21-year-old Berman Jerry Nowlin Jr. and 25-year-old Devin Alan Rhoden have created two NFT collections on the Solana blockchain, UndeadApes and Undead Lady Apes.
Nowlin acted as a developer for both projects, Rhoden was engaged in sales through Discord and X. The price of tokens increased noticeably within a few weeks. For example, UndeadApes tokens rose from $5 to $360.
The defendants took advantage of the success of the first two collections and in April 2022 announced the launch of the third NFT series, Undead Tombstone. They made misleading statements, including regarding partnerships with other projects and the size of reinvested crypto assets.
On April 19, Nowlin and Rhoden created 632 NFTs, after which they carried out a rug pull, stealing investors' funds and deleting accounts on Discord and X. They received about $135,000 and transferred the funds to the Ethereum blockchain, after which they sold and withdrew US dollars to a bank account.
In total, the revenue from the three collections amounted to about $400,000.
Rodin pleaded guilty on May 24, 2024, with a sentencing hearing on November 20. Noulin will be sentenced on January 23, 2025, he faces up to 5 years in federal prison.
Source
Devin Alan Rhoden (25, Pinellas Park, Florida), a/k/a “Denny” and “Deviinz,”
Berman Jerry Nowlin, Jr. (21, Huntsville, Alabama), a/k/a “Repulse” and “Zayous,”
