What happened to Baller Ape Club?

According to the report, 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 purported investment project, deleting its website, and stealing the investors' money. Traun collected close to $2.6 million from the Baller Ape NFT scam.

What is a rug pull?

A rug pull is amalicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Here's a summary of the scams: Last week, the IconicsSOL NFT drop opened with a mint price of 0.5 SOL.

What is the biggest NFT rug pull?

Twitter went viral with investors confirming it was a rug pull. On-chain analysis by TRM has identified approximately $2 million USD worth ofSolana stolen by the Baller Ape Club from investors. This is the largest known NFT rug pull to date across any blockchain.

How much money did Traun collect from Baller ape NFT buyers?

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.”