Two American men have been charged with defrauding over $22 million, having carried out "rug pull" scams through multiple NFT projects

2024-12-21 09:10:05

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ChainCatcher News, the U.S. Department of Justice announced a lawsuit against two men from Beverly Hills and Ventura County, accusing them of conducting a "rug pull" scam through multiple NFT projects, involving more than $22 million. 23-year-old Gabriel Hay and Gavin Mayo are charged with conspiracy to commit wire fraud, wire fraud, and stalking harassment among other offenses.

It is reported that the two launched several NFT and digital asset projects, including Vault of Gems, Faceless, and Sinful Souls, between May 2021 and May 2024, deceiving investors through false advertising and misleading roadmaps. After a project manager exposed their identities, the two also harassed and intimidated him and his family.

If convicted, the two defendants face up to 20 years in prison for each count of wire fraud and conspiracy, and up to 5 years for stalking harassment. The case is currently being investigated by the Baltimore field office of the U.S. Homeland Security Investigations (HSI).

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