Gabriel Hay and Gavin Mayo are charged with defrauding investors through various fraudulent NFT projects, including Vault of Gems and Clout Coin, resulting in over 22 million USD in losses.

The two men allegedly used false claims to mislead investors, promising returns on their NFTs while abandoning these projects soon after securing investments.

If convicted, Hay and Mayo could face up to 25 years in prison for wire fraud and conspiracy, as their case is prosecuted by the National Cryptocurrency Enforcement Team.