US Charges 2 Men in $22 Million NFT Rugpull Crypto Fraud Scheme

Two Southern California males, Gabriel Hay and Gavin Mayo, are charged with allegedly defrauding traders of greater than $22 million price of cryptocurrency by fraudulent NFT and digital asset schemes. The indictment alleges that they performed a collection of “again pulls,” elevating cash for NFT tasks that have been shut down after securing funding. The alleged scams concerned tasks corresponding to Vault of Gems, Faceless and Clout Coin. Prosecutors allege Hay and Mayo deceived traders with false claims and deceptive undertaking plans. When uncovered by a undertaking supervisor, they allegedly harassed him and his household. If convicted, they each face 20 years for fraud and conspiracy, plus 5 years for stalking. The case, investigated by HSI Baltimore, is being prosecuted by the Division of Justice’s Nationwide Cryptocurrency Enforcement Workforce (NCET), which combats cryptocurrency fraud.