According to PANews, the US Department of Justice has charged two Southern California men with defrauding investors of more than $22 million in cryptocurrency through a digital asset project.
Court documents show that from May 2021 to May 2024, Hay and Mayo sponsored multiple NFT and digital asset projects and conducted promotional activities.
They are suspected of making false statements about upcoming projects and providing false project "roadmaps" that were never intended to be realized.
Hay and Mayo also used these tactics in multiple projects, including Vault of Gems, Faceless, and others, to conceal their involvement in the fraud.