Gabriel Hay and Gavin Mayo have been indicted for a $22 million NFT fraud scheme connected to a $20 million fraud.

Two men from Southern California, Gabriel Hay and Gavin Mayo, have been indicted for allegedly defrauding investors of over $22 million through a series of fraudulent NFT projects. This indictment is part of a larger investigation into cryptocurrency scams and includes charges of wire fraud.

The charges detail how the accused conducted 'rug pulls' in projects such as Vault of Gems, Faceless, and Clout Coin. The deceptive actions are said to have taken place from 2016 to 2021.

Additionally, nine individuals are implicated in related fraudulent claims for federal benefits programs intended for expensive medications, totaling around $20 million. This case is considered one of the largest NFT fraud schemes prosecuted to date.