What happened to Baller Ape Club?

According to the report, after the first day Baller Ape Club NFTs were publicly sold, Tuan and his co-conspirators engaged in what is known as a "rug pull," ending the purported investment project, deleting its website, and stealing the investors' money. Traun collected close to $2.6 million from the Baller Ape NFT scam.

Are NFT 'rug pulls' a scam?

So-called NFT “rug pulls” or scams hurt buyers who invest their money into hot new projects. But the pseudonymous nature of the crypto space doesn’t mean that alleged scammers can always disappear without consequences, as a pair of NFT creators have discovered.

How much money did Traun collect from Baller ape NFT buyers?

Traun allegedly collected $2.6 million from Baller Ape NFT buyers, only to shortly thereafter delete the organization’s website and launder the funds. According to the Justice Department, he converted the ill-gotten gains into different cryptocurrencies and moved them across multiple blockchains, in a practice known as “chain-hopping.”