As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find myself increasingly disheartened by the escalating instances of fraud within our community. The case of Gabriel Hay and Gavin Mayo serves as yet another stark reminder that not all projects are built on honest intentions or solid foundations.
Federal authorities revealed that they have charged Gabriel Hay and Gavin Mayo, residents of California, with a $22 million cryptocurrency fraud case.
2023 saw an alarming surge in crypto-related scams, with the FBI reporting that Americans collectively suffered losses exceeding $5.6 billion – marking a staggering 45% rise compared to the prior year.
As reported by ABC News, citing the prosecutors, Hay from Beverly Hills and Mayo from Thousand Oaks are accused of executing several “rug pull” scams between May 2021 and May 2024. These individuals reportedly established NFT projects to lure investors, only to later abandon these projects while retaining the invested funds.
The U.S. Attorney’s Office has accused two people of plotting to commit wire fraud, which carries a penalty of up to 20 years in prison for each count, and also of stalking, which could lead to an extra five years in prison.
A duo, who were both 23 years old, are accused of promoting numerous suspicious investment opportunities, such as the “Vault of Gems NFT.” They amassed millions from investors, only to later leave these projects without fulfilling their promises.
The indictment details their attempts to hide their involvement by falsely attributing project ownership to others. Prosecutors also allege the defendants started a harassment campaign targeting the manager and their family.
In 2023, it was revealed that a significant portion of cryptocurrency crime falls under a larger pattern. The FBI stated that although crypto-related fraud accounts for just 10% of overall financial fraud complaints, it is responsible for almost half of the monetary losses American victims experienced due to scams that year.
As an analyst, I’ve found that investment strategies akin to those supposedly employed by Hay and Mayo were responsible for the most substantial financial losses across the nation, totaling approximately $4 billion.
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Broadway Box Office: Idina Menzel in ‘Redwood’ Sees Strong Start
- Buffy the Vampire Slayer Reboot: Sarah Michelle Gellar Returns to Save the Day!
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- New Era and BEAMS Reunite for Spring/Summer 2025 Collection
- XLARGE Celebrates Lil Wayne With New Collection
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- BlackRock’s Ethereum ETF $ETHA Listed on DTCC, Awaits Trading
- Why Fans Think Vanna White May Have Dropped An F-Bomb During Wheel Of Fortune
2024-12-22 19:44