NFT Fraud Exposed: DOJ Charges $22M Scam Founders
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- DOJ charges two Californians in a $22M NFT fraud, marking the largest case to date.
- Fraudulent NFT projects misled investors with false claims, raising millions in crypto scams.
- The Justice Department highlights its focus on tackling NFT fraud and cryptocurrency crimes.
The Department of Justice has charged two California men with running the largest non-fungible token (NFT) fraud scheme prosecuted to date. Gabriel Hay and Gavin Mayo allegedly defrauded investors of over $22 million. This was through a series of fraudulent digital asset projects between 2021 and 2024.
The indictment details how the duo misled investors with false claims and abandoned their projects after getting substantial funds. Their actions highlight the risks of emerging investment trends. They also show the Justice Department’s commitment to fighting cryptocurrency-related fraud.
Projects and Misleading Claims
From May 2021 to …
The post NFT Fraud Exposed: DOJ Charges $22M Scam Founders appeared first on Coin Edition.
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