Two individuals from California, Gabriel Hay and Gavin Mayo, have been accused of orchestrating a series of NFT rug pulls that resulted in over $22 million being taken from buyers. The U.S. Department of Justice revealed that this case is the largest NFT scheme they have prosecuted. Hay and Mayo are facing charges including wire fraud and conspiracy. They allegedly deceived investors for three years by promoting NFT projects with false claims and misleading roadmaps. The duo attracted victims with projects minted on Ethereum and Solana blockchains, promising ties to real-world assets that were never delivered. If convicted, they could each face up to 20 years in prison. Authorities are determined to protect consumers from crypto fraud, with Homeland Security Investigations leading the case. The National Cryptocurrency Enforcement Team also played a role in the investigation. Read more AI-generated news on: https://app.chaingpt.org/news

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