Two guys from Southern California, Gabriel Hay and Gavin Mayo, are facing some serious charges for allegedly swindling over $22 million from unsuspecting investors through shady NFT and digital asset schemes. According to the indictment, these guys pulled off a string of “rugpulls” where they would create hype around non-functional token (NFT) projects, get people excited about them, and then disappear with everyone’s hard-earned cash once they had collected enough investments.
The specific project mentioned in the indictment is called “Vault,” but there were reportedly others as well. The victims of these scams included both individual investors as well as companies who thought they were getting in on the ground floor of the next big thing in the cryptocurrency world. It’s always important to do your due diligence before investing in any new technology or trend, but unfortunately, some people fall prey to these kinds of scams because they don’t know any better.
Let this be a cautionary tale for anyone thinking about getting involved in the wild world of cryptocurrency and NFTs!
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