CandleFocus US Charges 2 Men in $22 Million NFT Rugpull Crypto Fraud Scheme
2024-12-21
Author: Content Editor
Two men from Southern California, Gabriel Hay and Gavin Mayo, have been charged with defrauding investors of more than $22 million in cryptocurrency through fraudulent NFT and digital asset schemes. They allegedly used "rugpulls" to solicit funds for NFT projects and then abandoned them after receiving investments. The scams involved projects such as Vault of Gems, Faceless, and Clout Coin. Prosecutors claim that Hay and Mayo misled investors with false claims and deceptive project plans. They also allegedly harassed a project manager and his family after being exposed. If convicted, both could face up to 20 years in prison for wire fraud and conspiracy, as well as an additional five years for stalking. The case is being investigated by HSI Baltimore and prosecuted by the Department of Justice's National Cryptocurrency Enforcement Team.
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