Golden Finance reported that two 23-year-olds from California were arrested in Los Angeles. They allegedly defrauded investors of more than $22 million in crypto assets through NFTs and are currently facing fraud charges. Gabriel Hay and Gavin Mayo were charged with one count of conspiracy to commit wire fraud, two counts of wire fraud and one count of stalking, the U.S. Department of Justice's Office of Public Affairs said in a news release. The pair allegedly sponsored and promoted NFT and digital asset projects and ran promotional campaigns in support of the projects. The Justice Department charged the two men with making or causing others to make "materially false and misleading statements" about the digital asset project. Additionally, prosecutors allege that Hay and Mayo provided misleading and false project roadmaps containing future plans for NFT and digital asset projects that they had no intention of achieving. The indictment alleges that Hay and Mayo promoted the Vault of Gems NFT project, saying it would be the first NFT project “tied to a hard asset.” Despite the promises, prosecutors allege the pair abandoned the projects after raising millions of dollars from investors.