From May 2021 to May 2024, Gabriel Hay and Gavin Mayo, along with an unnamed co-conspirator, collected $22.4 million from multiple 'rug pull' schemes, abandoning their NFT projects after raising funds.
The Vault of Gems project was falsely marketed as the first NFT pegged to hard assets, with claims of partnerships with jewelers and the creation of an exchange for jewelry retailers.
A November 2021 post questioned the status of the Vault of Gems project, which sparked confusion and frustration among investors, with claims that Hay and Mayo had pulled over a million dollars.
Hay and Mayo are accused of transferring cryptocurrency from their projects into their own wallets, deceiving investors in a series of fraudulent schemes.
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