Dec 24, 01:50 PM

Two California Men Charged in Largest $22.4M NFT Fraud Scheme, Face 65 Years in Jail

Two California men, Gabriel Hay and Gavin Mayo, both 23, have been indicted for allegedly running the largest NFT fraud scheme ever prosecuted, involving a $22.4 million 'rug pull' scam through fake NFT projects such as Vault of Gems, Dirty Dogs, and Sinful Souls. The scheme, which took place between 2021 and 2024, involved selling fraudulent NFTs to thousands of investors under false pretenses, promising exclusive benefits. The Department of Justice has charged the duo, who now face up to 65 years in prison if convicted. In a related development, an 85-year-old painter lost his life savings to an NFT art dealer scam, highlighting the broader impact of such fraudulent activities on unsuspecting victims. The founder charged in the $22M Squiggles NFT scam is identified as Gavin Snow.

#California #Gabriel Hay #Gavin Mayo #Vault of Gems #Dirty Dogs #Sinful Souls #Department of Justice #Squiggles NFT #Gavin Snow

Written with ChatGPT .

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