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
- CRK Boss Rush guide – Best cookies for each stage of the event
- Maiden Academy tier list
- Mini Heroes Magic Throne tier list
- Grimguard Tactics tier list – Ranking the main classes
- Castle Duels tier list – Best Legendary and Epic cards
- Unleash the Ultimate Warrior: Top 10 Armor Sets in The First Berserker: Khazan
- Fortress Saga tier list – Ranking every hero
- Kingdom Rush 5: Alliance tier list – Every hero and tower ranked
- Best teams for Seven Deadly Sins Idle
- Overwatch Stadium Tier List: All Heroes Ranked
2024-12-22 19:44