Overview

• Gabriel Hay and Gavin Mayo, both 23, allegedly defrauded investors of over $22 million through NFT and cryptocurrency projects between May 2021 and May 2024.
• The pair are accused of abandoning several digital asset projects after collecting funds and providing false claims about their plans and project features.
• Authorities allege they falsely promoted the Vault of Gems NFT project as the 'first NFT pegged to a hard asset,' among other misleading ventures.
• Hay and Mayo reportedly concealed their involvement in the schemes by misidentifying others as project owners and harassed a whistleblower who exposed their roles.
• Both face charges of conspiracy to commit wire fraud, wire fraud, and stalking, carrying potential sentences of up to 20 years per fraud count and five years for stalking.