Squiggles NFT Founder Faces Federal Grand Jury Investigation

• The Squiggles NFT project has been the subject of a federal grand jury investigation.
• The project’s founders are reportedly under investigation for wire fraud and money laundering.
• Squiggles came under fire early last year after an independent report called the program a hoax.
• These founders are allegedly behind several other NFT scam projects, such as Alliance of Holy Demons, Gem Treasure, Lucky Buddha, and more.

According to reports, the Squiggles NFT project has received the attention of the US federal government.according to DB Newswire, the founder of the NFT project is being investigated by a federal grand jury for wire fraud and money laundering. The enforcement action comes nearly a year after the NFT community initially raised concerns about Squiggles.

Squiggles has been accused of pulling rugs before

Squiggles make headlines after an independent report in February 2022 NFT ethics Accuses that the project is run by a group of seasoned crooks. The 60-page report has swept through the project’s community, causing uncertainty and fear among its NFT holders. The report accused the project’s founders, Gavin Mayo, Gabriel Hay, and Ali Saghi, of pulling several NFT projects, including League of Sacred Devils, Vault of Gems, Lucky Buddhas, Dirty Dogs, and Sinful Souls, among others.

The three founders were named in court documents that revealed a grand jury investigation earlier today. Mayo, Hay and Saghi are being investigated for possible violations of federal criminal law, according to the filing. They are also suspected of helping to transfer and exchange millions worth of cryptocurrencies to hide from the authorities.

MAYO, HAY, SAGHI, and others are suspected of creating several non-fungible token (NFT) rug-pulling scams that have defrauded investors of millions of dollars in various cryptocurrencies. “

The Squiggles series are delete From popular NFT marketplaces open sea Shortly after NFT Ethics’ report went viral.The project was then transferred to looks rare, currently showing a total of 370 ETH for the collection. Its base price is 0.006 ETH, down 70% since last August. Squiggles and Gavin Mayo did not respond to requests for comment.