Two guys from Southern California, Gabriel Hay and Gavin Mayo, are facing some serious legal trouble for allegedly scamming investors out of millions of dollars through fraudulent NFT and digital asset schemes. According to the indictment, they pulled off a string of “rugpulls” – which is when someone starts an NFT project, rakes in all sorts of investments for it, then abruptly ditches the project without giving anything back to the investors.
Their alleged scams involved NFT projects like Vault (which sounds super sketchy already), promising huge returns on investment but never delivering on those promises. Instead, they reportedly just took off with the money and left their victims high and dry. It’s estimated that they swindled more than $22 million from unsuspecting investors!
If found guilty, these guys could be looking at some serious jail time – not to mention having to pay back all the money they stole. So, moral of the story? Always do your research before investing in anything, especially when it comes to shady-sounding NFT projects!
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