Convicted Man of NFT Rug Pull, Pulls Plug on His Own Life

Berman Jerry Nowlin has died at his Alabama home by apparent suicide while awaiting sentencing for his role in an NFT "rug pull" involving wire fraud and money laundering, his family alleged.

In November 2024, a US court found the 21-year-old guilty of orchestrating a $400,000 NFT fraud scheme alongside 25-year-old Devin Alan Rhoden.

The duo launched two Solana-based NFT collections before abruptly cancelling a third, leaving investors empty-handed.

Rhoden pleaded guilty to conspiracy to commit wire fraud and money laundering in May 2024, while Nowlin opted for trial but was convicted in November.

According to his mother, Nowlin became deeply withdrawn and depressed after the verdict.

His family insists he was an unwitting participant, arguing that Rhoden was the true mastermind.

Duo Rugged Almost $400,000 from Hundreds of Victims

A Department of Justice report revealed that the success of these NFT projects was built on "outright false statements," including fabricated partnerships with "prominent businesses" and misleading claims about the utility offered to holders.

The DOJ classified the abandoned third collection as a rug pull, citing the team’s deletion of Discord and X (formerly known as Twitter) accounts after collecting payments.

In early 2022, Nowlin and Rhoden launched a series of Solana-based NFT collections—Undead Apes and Undead Lady Apes—featuring colourful, skeletal primates.

Rhoden promoted the collections through Discord and X, fuelling hype that drove resale prices as high as $360, earning the pair substantial profits.

Investor enthusiasm peaked in April 2022 with the announcement of a third collection, Undead Tombstone, but the project was abruptly abandoned, causing prices to collapse.

Prosecutors allege that Nowlin and Rhoden collectively netted nearly $400,000 from hundreds of victims, with $135,000 tied directly to the failed third collection.

Nowlin's Family Insists on His Innocence

While prosecutors painted Nowlin as an active participant in a criminal scheme, his family and defense attorney argued he was an unwitting accomplice—responsible only for the technical development of the blockchain tokens, while orchestrated the fraud.

Nowlin believed the justice system would clear his name, his family said.

But after his conviction, he became withdrawn and severely depressed, rarely leaving home.

Nowlin’s brother, Daniel Barker, said:

“In his eyes, I don't think he thought he did anything wrong. My brother was just a young, naïve kid that kind of got taken advantage of.”

Diagnosed with autism, Nowlin had exceptional intelligence but, according to his mother, Deanna Ambrose, exhibited the emotional maturity of a 14-year-old.

Social interactions were challenging, and most of his friendships existed solely online.

He was self-taught in coding and spent much of his time gaming and chatting on Discord—where he first connected with Rhoden.

At trial, defense attorney J. Jervis Wise maintained that Nowlin had no motive for fraud.

The first two NFT collections were successful, delivering real value to buyers.

Wise positioned Nowlin as the technical developer working behind the scenes, while Rhoden handled marketing and investor relations.

According to the defense, Nowlin had no knowledge of any plan to execute a rug pull.

Wise argued:

“Nowlin didn't have any knowledge of what Rhoden was doing. Nowlin didn't join in any plan with Rhoden to try to defraud anyone.”

Authorities Deemed Nowlin a Knowing Participant

Federal prosecutors argued that Nowlin was not just a bystander but an active participant in the scheme.

They presented evidence that he engaged in "chain hopping," a money laundering tactic used to transfer illicit funds from Solana to Ethereum before converting them into US dollars—proceeds he and Rhoden allegedly split.

Court records revealed online conversations in which the two discussed the fraudulent operation.

Investigators were led to Rhoden by one of his fellow airmen, who cooperated with authorities.

Rhoden later pleaded guilty to federal charges and testified against Nowlin, a key factor in securing the latter's conviction.

Facing up to five years in federal prison, Nowlin was awaiting sentencing in January.

However, on 21 December, he was found dead at his Alabama home.

While his official cause of death remains unclear, his family has stated that he took his own life.

Was this an act of desperation to escape imprisonment, or was he an unwitting accomplice caught in a larger scheme?