CandleFocus Beverly Hills man faces 6 counts of crypto scams involving over $22 million
2024-12-26
Author: Content Editor
A Beverly Hills man, Gabriel Hay, and his accomplice, Gavin Mayo, are facing charges for cryptocurrency crimes that resulted in investors losing over $22 million. The duo allegedly defrauded investors through a scheme involving digital asset projects called "rug pulls." They created non-fungible tokens (NFTs) and other digital assets and convinced investors to invest in them before abandoning the projects. The defendants face charges of conspiracy to commit wire fraud, wire fraud, and stalking. Authorities are intensifying efforts to protect consumers from crypto fraud and punish the perpetrators. Cybercrimes involving cryptocurrencies and digital assets are on the rise globally, with countries like Russia and Nigeria being major victims.
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