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Reading: Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme | Keynote
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Crypto News > Blog > News > Ethereum > Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme | Keynote
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Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme | Keynote

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Last updated: 2024/12/22 at 8:06 PM
Crypto Published December 22, 2024
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Ethereum and Solana NFT Scammers Charged in  Million Rug Pull Scheme
 | Keynote
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Contents
In summaryDaily Debrief NewsletterCrypto Keynote USA

In summary

  • Two California men were accused of leading an NFT scam scheme that totaled more than $22 million in losses.
  • The defendants faced charges of conspiracy, wire fraud and harassment after deceiving investors with fake projects.
  • If convicted, they could face up to 20 years in prison for each fraud-related charge.

Two California men have been accused of orchestrating a series of NFT rug pull scams that totaled more than $22 million swindled from buyers, the US Department of Justice (DOJ) said in an indictment unsealed on Friday. The DOJ indicated that this is the largest NFT scheme it has prosecuted.

Gabriel Hay of Beverly Hills and Gavin Mayo of Thousand Oaks are each charged with one count of conspiracy to commit wire fraud, two counts of wire fraud and one count of harassment. The men were arrested Thursday in Los Angeles.

“For three years, Hay and Mayo apparently lied to their investors to defraud them out of millions of dollars,” Katrina W. Berger, associate executive director of Homeland Security Investigations, said in a statement. “Such technology fraud schemes cost investors millions of dollars each year.”

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From May 2021 to May 2024, Hay — who called himself “Mr. Handz,” “Diamondhandz,” “Centurion,” and “Vaultkeeper” — and Mayo, known as “Gavinm,” promoted NFT projects using false claims and sheets. misleading route plans, the indictment alleges.

A rug pull occurs when a developer creates a token, falsely claims that there are plans for future development, sells the token based on these empty promises, and then abruptly disappears with investors’ money.

According to the indictment, Hay and Mayo allegedly lured unsuspecting victims with NFT projects minted on the Ethereum and Solana blockchains, including Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin.

According to the DOJ, the duo and others falsely claimed that the NFT Vault of Gems collection would be tied to real-world assets like jewelry, and made similar claims about other projects that were never fulfilled.

Hay and Mayo allegedly raised millions from investors before abandoning the projects, leaving the investors with the losses, according to prosecutors. Additionally, the indictment alleges that Hay and Mayo harassed a Faceless NFT project manager, who had exposed their fraudulent activities.

If convicted, Hay and Mayo each face a maximum sentence of 20 years in prison on each of the conspiracy and wire fraud charges, and a maximum sentence of 5 years on the harassment charge.

“Every time a new investment trend emerges, scammers are sure to follow it,” U.S. Attorney Martin Estrada said in a statement. “My office and our law enforcement partners will continue our efforts to protect consumers and punish offenders involved in crypto fraud.”

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The case was investigated by Homeland Security Investigations, a division of the Department of Homeland Security that is mandated to investigate and combat various forms of financial crimes, including those involving digital assets. He was assisted by the National Cryptocurrency Enforcement Team, a special unit of the DOJ.

Edited by Andrew Hayward

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