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    Home»Altcoins»Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme – Decrypt
    Ethereum and Solana NFT Scammers Charged in  Million Rug Pull Scheme – Decrypt
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    Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme – Decrypt

    By Crypto EditorDecember 22, 2024No Comments3 Mins Read
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    Ethereum and Solana NFT Scammers Charged in $22 Million Rug Pull Scheme – Decrypt

    Two California males have been charged with orchestrating a sequence of NFT rug pulls that totaled greater than $22 million bilked from patrons, the U.S. Division of Justice mentioned in an indictment unsealed on Friday. The DOJ mentioned the case is the biggest NFT scheme it is ever prosecuted.

    Gabriel Hay of Beverly Hills, and Gavin Mayo of Thousand Oaks are every charged with one rely of conspiracy to commit wire fraud, two counts of wire fraud, and one rely of stalking. The boys had been arrested Thursday in Los Angeles.

    “For 3 years, Hay and Mayo apparently lied to their traders in an effort to defraud them out of tens of millions of {dollars},” Katrina W. Berger, govt affiliate director of Homeland Safety Investigations mentioned, in an announcement. “Such technological fraud schemes price traders tens of millions of {dollars} yearly.”

    From Might 2021 to Might 2024, Hay—who glided by “Mr. Handz,” “Diamondhandz,” “Centurion,” and “Vaultkeeper”—and Mayo, who glided by “Gavinm,” promoted NFT tasks utilizing false claims and deceptive venture roadmaps, the indictment alleged.

    A rug pull happens when a developer creates a token, falsely claims there are plans for future growth, sells the token based mostly on these empty guarantees, after which abruptly vanishes with the traders’ cash.

    In accordance with the indictment, Hay and Mayo allegedly lured unsuspecting victims with NFT tasks minted on the Ethereum and Solana blockchains, together with Vault of Gems, Faceless, Sinful Souls, Clout Coin, Soiled Canines, Uncovered, MoonPortal, Squiggles, and Roost Coin.

    In accordance with the DOJ, the duo and others falsely claimed the Vault of Gems NFT assortment can be tied to real-world property like jewellery, and equally made claims round different tasks that had been by no means fulfilled.

    Hay and Mayo allegedly collected tens of millions from traders earlier than abandoning the tasks, leaving traders holding the bag, prosecutors mentioned. Moreover, the indictment alleges that Hay and Mayo harassed a venture supervisor from the Faceless NFT, who had uncovered their fraudulent actions.

    If convicted, Hay and Mayo every face a most penalty of 20 years in jail on every of the conspiracy and wire fraud counts, and a most penalty of 5 years on the stalking rely.

    “At any time when a brand new funding pattern happens, scammers are certain to observe,” U.S. Legal professional Martin Estrada mentioned in an announcement. “My workplace and our legislation enforcement companions will proceed our efforts to guard customers and punish wrongdoers concerned in crypto fraud.”

    The case was investigated by Homeland Safety Investigations, a division of the Division of Homeland Safety that has a mandate to research and fight numerous types of monetary crimes, together with these involving digital property. It was assisted by the Nationwide Cryptocurrency Enforcement Crew, a particular unit of the DOJ.

    Edited by Andrew Hayward

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