According to Decrypt, in November 2024, a U.S. court ruled that 21-year-old Berman Jerry Nowlin helped plan a $400,000 NFT "Rug Pull" incident, with charges including wire fraud and money laundering. According to Nowlin's family, Nowlin has now committed suicide.
Berman Jerry Nowlin and 25-year-old Devin Alan Rhoden sold two sets of Solana NFTs together in 2022. The first series was "Undead Apes" and the second series was "Undead Lady Apes". The sale of the third series "Undead Tombstone" was suspended. The two received a total of nearly $400,000 from it and were subsequently convicted.
The report from the U.S. Department of Justice explains that the success of these projects is due to 'completely false representations', including collaborations with 'well-known companies' and commitments to the utility for holders. Furthermore, the Department of Justice defined the third series to be canceled as a 'Rug Pull' because the team deleted their Discord and Twitter accounts after receiving payments.
