TechFlow news, according to Decrypt, in November 2024 a U.S. court ruled that 21-year-old Berman Jerry Nowlin helped orchestrate a $400,000 NFT "rug pull" and was convicted of charges including wire fraud and money laundering. According to Nowlin's family, Nowlin has since died by suicide.
Berman Jerry Nowlin, together with 25-year-old Devin Alan Rhoden, sold two Solana NFT collections in 2022—the first series called "Undead Apes," the second "Undead Lady Apes." A third collection, "Undead Tombstone," had its sale halted. The two earned nearly $400,000 from these activities before being convicted.
The U.S. Department of Justice explained that the projects' success stemmed from "entirely false statements," including claims of partnerships with "major brands" and promises of utility for holders. Furthermore, the DOJ defined the canceled third series as a "rug pull," as the team deleted their Discord and Twitter accounts after collecting payments.
