Solana and Ethereum NFT Scammers Charged in $22M Rug Pull Scheme
US Prosecutors Charge Two NFT Scammers On Friday, two California-based men were charged with masterminding several NFT rug pulls that saw investors lose over $22 million. The US Justice Department said the NFT scheme was the largest it had ever prosecuted. The accused, Gavin Mayo and Gabriel Hay, were charged with conspiracy to commit wire
Andrew Richard2 min read
On Friday, two California-based men were charged with masterminding several NFT rug pulls that saw investors lose over $22 million. The US Justice Department said the NFT scheme was the largest it had ever prosecuted.
The accused, Gavin Mayo and Gabriel Hay, were charged with conspiracy to commit wire fraud after their arrest in Los Angeles on Thursday. Associate Director of Homeland Security Investigations, Katrina Berger, says the pair have been lying to innocent investors for three years in an effort to fraud them of millions of dollars.
Hay and Mayo launched their fake NFT projects between May 2021 and May 2024. During that period, they published misleading roadmaps for their NFT collections and made false promises. According to prosecutors, the two deployed their NFTs on Solana and Ethereum. Some of their NFT collections included Faceless, Vault of Gems, Clout Coin, Sinful Souls, Uncovered, Roost Coin, and Squiggles.
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