Two Californians have recently been arrested in what is apparently the largest case of NFT fraud.
The US Department of Justice says 23-year-olds Gabriel Hay of Beverly Hills and Gavin Mayo of Thousand Oaks have been accused of running a series of million-dollar rug pull schemes that cost investors over $22 million in crypto.
The duo’s fraudulent ventures included projects such as “Vault of Gems,” “Faceless,” and several others, promising enticing features and returns that never materialized.
