Two NFT developers, Berman Jerry Nowlin Jr. and Devin Alan Rhoden, have pleaded guilty to conspiracy to commit wire fraud and money laundering in relation to a $400,000 'rug pull' involving three NFT projects on the Solana blockchain. These projects, including 'Undead Apes' and 'Undead Lady Apes', attracted hundreds of investors who were misled by false claims about partnerships and project reinvestment. Following the minting of these NFTs in 2022, the developers quickly abandoned the projects and deleted their communication channels, cutting off any support for investors. The duo used a cryptocurrency mixer to disguise the flow of funds through various blockchains and eventually exchanged the cryptocurrency for U.S. dollars. Nowlin was found guilty in November 2024 and faces a maximum of five years in prison, while Rhoden, who pleaded guilty earlier, is awaiting sentencing later this month.

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