Developer of a Rug Pull NFT Program on Solana Convicted of Conspiracy to Commit Wire Fraud and Money Laundering

On November 1, a U.S. federal jury in Florida has found 21-year-old NFT developer Berman Jerry Nowlin (aka Repulse and Zayous) guilty of conspiracy to commit wire fraud and money laundering and sentenced him to a maximum of five years in prison, with sentencing set for January 23, 2025. Nowlin and co-defendant Devin Alan Rhoden minted the “UndeadApes” and “Undead Lady Apes” NFT series on Solana, with Nowlin serving as the developer for both projects, which included creating NFTs using an art engine, administering blockchain protocols, and writing Solana smart contracts. The two then executed a Rug Pull on a third NFT series, Undead Tombstone, deleted their Discord and Twitter accounts in April 2022, cut off all communication with investors, and received nearly $400,000 in cryptocurrency through these three NFTs. Rhoden pleaded guilty on May 24, 2024 to conspiracy to commit wire fraud and money laundering. Rhoden pleaded guilty on May 24, 2024 to conspiracy to commit wire fraud and money laundering. His sentencing hearing is scheduled for November 20, 2024.