A federal grand jury has returned a six-count indictment against Gabriel Hay, 23, of Beverly Hills, and Gavin Mayo, 23, of Thousand Oaks, accusing them of defrauding investors through fraudulent digital asset projects called “rugpulls.” of having defrauded more than $22 million.”
Hay and Mayo are accused of creating and abandoning multiple NFT and cryptocurrency projects and misleading investors with false promises while keeping their funds. The defendants are charged with conspiracy to commit wire fraud, two counts of wire fraud and one count of stalking. Arraignment is scheduled for this afternoon in U.S. District Court in Los Angeles.
From May 2021 to May 2024, Hay and Mayo reportedly launched multiple NFT and cryptocurrency projects, including Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin.
According to the indictment, the duo…
