Co-creator of UndeadApes NFTs found guilty of fraud and money laundering in 'rug pull' scheme

A jury has convicted Jerry Nowlin Jr. for conspiracy related to fraudulent NFT collections. His actions highlight the risks and illegality in the burgeoning NFT market.

Nowlin's NFT projects, UndeadApes and Undead Lady Apes, initially seemed promising but were soon revealed to be part of a fraudulent scheme, significantly harming investors.

The infamous 'rug pull' tactic in the NFT world involves creators abandoning projects after pocketing investor money, a trend that threatens the integrity of the NFT market.

With their third collection, Undead Tombstone, Nowlin and Rhoden misled investors before ceasing operations, exemplifying the volatility and deception that can occur in NFT investments.

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