Two California Men Indicted in $22 Million NFT Fraud Case

Gabriel Hay and Gavin Mayo are accused of running multiple 'rug pull' schemes and intimidating a whistleblower over three years.

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.