The U.S. Department of Justice recently announced in an indictment that two California men are accused of orchestrating a series of NFT fraud schemes, defrauding buyers of more than $22 million. The Department of Justice stated that this case is the largest NFT scam ever prosecuted in its history. Gabriel Hay from Beverly Hills and Gavin Mayo from Thousand Oaks are each charged with one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking. The two men were arrested last Thursday in Los Angeles. The indictment claims that from May 2021 to May 2024, Hay (also known as 'Mr. Handz', 'Diamondhandz', 'Centurion', and 'Vaultkeeper') and Mayo (also known as 'Gavinm') promoted NFT projects using false statements and misleading project roadmaps. Hay and Mayo are suspected of luring victims using NFT projects minted on the Ethereum and Solana blockchains, which include Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin.

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