Summary: Two US residents, Gabriel Hay and Gavin Mayo, have been charged in a significant NFT fraud scheme, allegedly defrauding investors of over $22 million through deceptive practices. Their operations involved launching multiple fraudulent NFT projects and engaging in harassment against whistleblowers.
Threat Actor: Gabriel Hay and Gavin Mayo | Gabriel Hay and Gavin Mayo
Key Point :
- Charged with the largest NFT fraud scheme to date, involving over $22 million in cryptocurrency.
- Executed multiple “rug pulls,” abandoning projects after collecting funds from investors.
- Promoted false claims about their projects, including a fabricated link to hard assets.
- Engaged in harassment against a project manager who exposed their fraudulent activities.
- Face serious charges including conspiracy to commit wire fraud and stalking.
Two US residents, Gabriel Hay and Gavin Mayo, have been charged in what authorities are calling the largest NFT fraud scheme prosecuted to date. The indictment says the pair allegedly defrauded investors of over $22 million in cryptocurrency through a series of so-called “rug pulls,” a scheme wh,ere creators ask for funds for digital asset projects and abruptly abandon them, keeping the investors’ money.
Between May 2021 and May 2024, Hay and Mayo allegedly launched multiple NFT and digital asset projects, promoting them with false claims and misleading “roadmaps.”
In one instance, Hay and Mayo promoted a project as the “first NFT project to be pegged to a hard asset,” a claim investigators say was entirely fabricated. When a project manager exposed their involvement, the pair allegedly launched a harassment campaign against him and his family.
Both men were arrested in Los Angeles. They face charges including conspiracy to commit wire fraud, wire fraud, and stalking. If convicted, each could face up to 20 years in prison for wire fraud, and up to five years for stalking.
Original Source: https://www.justice.gov/opa/pr/two-california-men-charged-largest-nft-scheme-prosecuted-date
Cyber Law and Cybercrime Investigation Blog: Immuniweb