NFT Scam: Accusation of $22M for Massive Fraud

The U.S. Attorney's Office charged two Californians for orchestrating the largest NFT fraud scheme ever prosecuted: Gabriel Hay and Gavin Mayo defrauded investors out of $22 million between 2021 and 2024.

How the scam worked

The duo used multiple fake digital projects with inflated promises to attract crypto capital. Once they accumulated substantial funds, they simply abandoned the projects. The pattern repeated project after project for almost four years without being detected.

The important thing here

This case is not just a big number. It represents:

• Judicial precedent: First accusation of this magnitude in NFT fraud
• Clear message: The DOJ is actively hunting down crypto scammers, even years later.
• Lesson for investors: If it sounds too good to be true in the NFT space, it probably is.

The Prosecutor's Office made it clear: no matter how much time passes, crypto criminals will eventually be held accountable. This is the first of many cases we will see in 2025 as the judicial system catches up with the wave of frauds from 2021-2022.