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Man Dies by Suicide After Conviction for NFT 'Rug Pull,' Says Family
A 21-year-old man allegedly took his own life while awaiting sentencing for his involvement in an NFT scam known as a "Rug Pull."
NFT Scam and Conviction
Berman Jerry Nowlin, accused of fraud and money laundering, reportedly died by suicide. In November 2024, Nowlin was found guilty of participating in an NFT scheme that defrauded investors of $400,000. Together with 25-year-old Devin Alan Rhoden, he successfully launched two NFT collections, "Undead Apes" and "Undead Lady Apes," before abruptly canceling a third, "Undead Tombstone."
According to the U.S. Department of Justice, the duo attracted investors with false claims, including fabricated partnerships with prominent companies and promises of benefits for NFT holders. After collecting payments, the team deleted their Discord and Twitter accounts, a move classified as a classic "Rug Pull."
Impact on Family and Defense
Nowlin's family revealed that he fell into a deep depression following his conviction. His mother claimed he was an unwitting participant in the scheme and placed the blame on Rhoden.
"In his eyes, I don’t think he believed he did anything wrong," said his brother, Daniel Barker. "My brother was just a young, naive kid who was taken advantage of."
According to Nowlin's lawyer, J. Jervis Wise, Nowlin was merely a technical developer for the project, while Rhoden handled the marketing. "He had no knowledge of the fraudulent plans," Wise stated.
Evidence of Money Laundering
Despite the defense, the Department of Justice presented evidence of Nowlin’s direct involvement. Investigations revealed that he laundered money using "chain-hopping" and illegal cryptocurrency mixers to obscure the movement of funds. These funds were traced directly to his personal bank account.
A Tragic End
Nowlin faced up to five years in federal prison, with sentencing scheduled for January 2025. However, on December 21, 2024, he was found dead at his home in Alabama. The cause of death remains officially unclear, but his family stated it was suicide.
This tragic case highlights the immense pressure and consequences faced by young individuals navigating the challenges of the digital world.
#nft , #Rugpull , #cybercrime , #blockchain , #MoneyLaundering
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
NFT Scam and Conviction
Berman Jerry Nowlin, accused of fraud and money laundering, reportedly died by suicide. In November 2024, Nowlin was found guilty of participating in an NFT scheme that defrauded investors of $400,000. Together with 25-year-old Devin Alan Rhoden, he successfully launched two NFT collections, "Undead Apes" and "Undead Lady Apes," before abruptly canceling a third, "Undead Tombstone."
According to the U.S. Department of Justice, the duo attracted investors with false claims, including fabricated partnerships with prominent companies and promises of benefits for NFT holders. After collecting payments, the team deleted their Discord and Twitter accounts, a move classified as a classic "Rug Pull."
Impact on Family and Defense
Nowlin's family revealed that he fell into a deep depression following his conviction. His mother claimed he was an unwitting participant in the scheme and placed the blame on Rhoden.
"In his eyes, I don’t think he believed he did anything wrong," said his brother, Daniel Barker. "My brother was just a young, naive kid who was taken advantage of."
According to Nowlin's lawyer, J. Jervis Wise, Nowlin was merely a technical developer for the project, while Rhoden handled the marketing. "He had no knowledge of the fraudulent plans," Wise stated.
Evidence of Money Laundering
Despite the defense, the Department of Justice presented evidence of Nowlin’s direct involvement. Investigations revealed that he laundered money using "chain-hopping" and illegal cryptocurrency mixers to obscure the movement of funds. These funds were traced directly to his personal bank account.
A Tragic End
Nowlin faced up to five years in federal prison, with sentencing scheduled for January 2025. However, on December 21, 2024, he was found dead at his home in Alabama. The cause of death remains officially unclear, but his family stated it was suicide.
This tragic case highlights the immense pressure and consequences faced by young individuals navigating the challenges of the digital world.
#nft , #Rugpull , #cybercrime , #blockchain , #MoneyLaundering
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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