From Swimmer to Scammer: Gavin Mayo's $22 Million NFT Fraud Case Shakes the Crypto World

Former NCAA Swimmer Indicted in Major NFT Fraud

Former UNC swimming commit Gavin Mayo has been indicted alongside Gabriel Hay for allegedly defrauding investors of over $22 million in a cryptocurrency fraud scheme known as a “rugpull.”

According to the U.S. Justice Department, a rugpull is a type of fraud where the creators of a digital asset project solicit funds from investors and then abandon the project while retaining the funds. Mayo and Hay, both aged 23, are accused of lying to investors and threatening a project manager who tried to expose their fraud.

Mayo, originally from Greensburg, Pennsylvania, was a sprinter who had briefly committed to swim at the University of North Carolina. He never swam a meet for the Tarheels, later dropping out and gaining notoriety on TikTok for promoting extreme lifestyle choices while claiming to be the “youngest billionaire in the world.”

One of his notable projects was the “Vault of Gems,” which falsely claimed to be the first NFT project backed by jewelry. He raised over $100 million for this project before abruptly terminating it, claiming the marketplace never materialized.

U.S. officials, including Principal Deputy Attorney General Nicole M. Argentieri, have stated that fraudsters exploit new technologies to steal investors’ money. Each defendant faces serious charges, including conspiracy to commit wire fraud, with potential penalties reaching 65 years in prison if convicted.

This case has become one of the most significant cryptocurrency fraud cases in the U.S. in recent times, highlighting the ongoing issues of fraud in the rapidly evolving digital asset space.