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

Two Southern California men, Gabriel Hay and Gavin Mayo, face charges for allegedly defrauding investors of over $22 million in cryptocurrency through fraudulent NFT and digital asset schemes. The indictment reveals they conducted a series of “rugpulls,” soliciting funds for NFT projects that were abandoned after collecting investments. The alleged scams involved projects like Vault of Gems, Faceless, and Clout Coin. Prosecutors claim Hay and Mayo misled investors with false claims and deceptive project plans. When exposed by a project manager, they allegedly harassed him and his family. If convicted, both face up to 20 years for wire fraud and conspiracy, plus five years for stalking. The case, investigated by HSI Baltimore, is prosecuted by the Justice Department’s National Cryptocurrency Enforcement Team (NCET), which combats cryptocurrency fraud.