Gabriel Hay and Gavin Mayo from California are charged with a $22 million cryptocurrency fraud. They are alleged to have run several schemes involving NFTs and other crypto projects.
Crypto fraud charges
According to prosecutors, the accused solicited funds for NFTs and other crypto projects but later disappeared with investor money. One such project was Vault of Games, where they falsely promised asset-backed tokens and global jeweler partnerships.
List of suspect projects
Prosecutors listed multiple fraudulent projects tied to the accused, including Faceless, Sinful Souls, Dirty Dogs, Uncovered, Roost Coin, Clout Coin, MoonPortal, among others.
Consequences and additional charges
Besides fraud charges, the accused harassed a project manager who exposed them, sending threats and trying to coerce him into changing his testimony. They face charges of conspiracy, stalking, and wire fraud.
If found guilty, the accused could face up to 25 years in prison. The DOJ continues to crack down on cryptocurrency-related crimes.
