According to ChainCatcher news, reported by Decrypt, on November 2024, a U.S. court ruled that 21-year-old Berman Jerry Nowlin helped orchestrate a $400,000 NFT 'Rug Pull' incident, with charges including telecom fraud and money laundering. According to Nowlin's family, Nowlin has since committed suicide.
Berman Jerry Nowlin sold two sets of Solana NFTs in 2022 with 25-year-old Devin Alan Rhoden, the first series being 'Undead Apes' and the second series being 'Undead Lady Apes'. The sales of the third series 'Undead Tombstone' were halted, and the two made nearly $400,000 in total before being convicted.
The report from the U.S. Department of Justice explains that the success of these projects was due to 'completely false statements,' including collaboration with 'well-known companies' and promises of utility for holders. Additionally, 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 payment.
