Two Californians Charged in $22 Million NFT Fraud

🎭 California men charged in $22 million NFT fraud scheme. Gabriel Hay and Gavin Mayo, both 23, have been arrested for allegedly orchestrating a series of “rug pull” scams that defrauded investors out of over $22 million through fraudulent NFT projects like “Vault of Gems” and “Faceless.” The indictment details a three-year operation where the defendants promised unique features and ambitious plans but abandoned the projects after collecting funds. They face serious charges, including conspiracy to commit wire fraud, with potential penalties of up to 20 years in prison. This case underscores the importance of caution in the rapidly evolving NFT and cryptocurrency markets, as scammers often exploit new investment trends.

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