Two 23-year-old young men from California were arrested in Los Angeles on suspicion of defrauding investors of more than $22 million in crypto assets through NFT and are currently facing fraud charges, the Internet reported. Gabriel Hay and Gavin Mayo are 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 press release. The two men are said to have sponsored and promoted the NFT and digital assets project and conducted promotional activities in support of the project. The Justice Department charged the two men with making or causing others to make "material false and misleading statements" about digital asset projects. In addition, prosecutors accused Hay and Mayo of providing a misleading and false project roadmap that contained future plans for NFT and digital asset projects that they had unintentionally achieved. The indictment alleges that Hay and Mayo promoted the Vault of Gems NFT project, saying it would be the first NFT project to be "tied to hard assets." Despite the promises, prosecutors accused the pair of abandoning the projects after raising millions of dollars from investors.