Federal Jury investigating Squiggles for fraud and money laundering


  • A federal grand jury is investigating the Squiggles NFT founders for fraud and money laundering.
  • The investigation is looking at possible violations of federal criminal procedure.
  • The allegations and inquiries center on rug-pull complaints that first arose in February 2022.

A year after the project was blacklisted on OpenSea because of certain troubling claims, a federal grand jury is looking into the creators of Squiggles NFT for money laundering and fraud. Tier10k, a Twitter user reported, which was later confirmed by a court document.

For the majority of the last year, Squiggles has been an NFT project under evaluation. After its delisting on OpenSea, the US Securities and Exchange Commission (SEC) got a 57-page report to help with its inquiry.

According to the document released today, the owners of Squiggles NFT will be investigated by a federal grand jury. According to the court document, the probe is looking at probable breaches of federal criminal procedure. Furthermore, the lawsuit expressly named Gavin Mayo, Gabriel Hay, and Ali Saghi as defendants.

Furthermore, the complaint indicated that the agency is looking into breaches of Title 18, United States Code, Sections 1343 and 1957. These two claim that the founders mentioned above committed fraud as well as probable money laundering techniques.

Finally, the petition states that the original group used suppliers such as Meta Platforms, Inc., notably Instagram, to advertise and mint their NFT initiatives, which turned out to be rug pull frauds. The claims and investigations revolve around rug pull charges that originally surfaced in February 2022.

Squiggles are a collection of 5,000 non-fungible tokens (NFTs) with hundreds of distinct elements and personality bases. Humans, apes, flaming heads, clouds, clocks, beakers, and skulls are among the items now on display in public. It has made many large investors in squiggles and art blocks a lot of money since minting at roughly $20 and reaching a floor price of $14,000 today. The classic design of a squiggle has appeared on professional sports team shirts and has been recognized in many other top fields of work.