Founder of Baller Apes Club may sent for prison for 40 years.

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Le Anh Traun, the founder of the Baller Apes Club, is facing charges for an alleged rugpull scam. On July 1 The US Department of Justice (DOJ) announced criminal charges against Traun and five others involved in crypto scam cases. If convicted, the Baller Apes Club founder could face up to 40 years in prison. Here’s all you need to know about the alleged Baller Apes Club.

What happened?: According to a statement from the Department of justice the Baller Apes Club founder has been charged with “one count of conspiracy to commit wire fraud and one count of conspiracy to commit international money laundering”. This comes after Traun allegedly collected $2.6 million from the Baller Apes Club collectors, only to delete the project’s website. Later, he converted all the funds into different cryptocurrencies, before moving them across multiple blockchains. This is a form of money laundering called “chain-hopping” used to hide the fund trail. 

The Baller Apes Club rugpull is only one among a series of rugpulls that have been plaguing the NFT industry. The list includes Balloonsvile, Blockverse and Bored Cat Club to name a few. In March 2022, the DOJ announced the first case against an NFT founder. At the time, the department arrested two 20 years old behind the Frosties Project for an alleged rugpull scam.

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