<ul><li>Two individuals from California have been charged with orchestrating rug pull scams in the NFT market.</li><li>Gavin Mayo and Gabriel Hay promised investors redeemable NFTs for real-world assets, but instead collected over $22 million and abandoned their projects.</li><li>Rug pulls occur when developers collect money from investors and disappear, leaving investors with worthless tokens.</li><li>If convicted, Mayo and Hay could face up to 20 years in jail for wire fraud.</li></ul>

Solana and Ethereum NFT Scammers Charged in $22M Rug Pull Scheme

Discover more