Two men, Gabriel Hay and Gavin Mayo, are facing charges for allegedly defrauding investors of over $22 million in cryptocurrency through fraudulent NFT schemes. According to the indictment, they conducted a series of “rugpulls,” soliciting funds for abandoned projects that left investors with significant financial losses.
Hay and Mayo allegedly misled investors with false claims and deceptive project plans, targeting several NFT projects including Vault of Gems, Faceless, and Clout Coin. When exposed by a project manager, the men allegedly harassed him and his family.
If convicted, both men face up to 20 years in prison for wire fraud and conspiracy, as well as five years for stalking. The case is being investigated by HSI Baltimore and prosecuted by the Justice Department’s National Cryptocurrency Enforcement Team (NCET).
Source: https://news.bitcoin.com/us-charges-2-men-in-22-million-nft-rugpull-crypto-fraud-scheme