Federal Grand Jury Investigating Squiggles NFT Founders for Fraud and Money Laundering

A U.S. Federal Grand Jury is reportedly investigating the founders of the Squiggles NFT project for alleged fraud and money laundering. The investigation is looking into possible violations of federal criminal procedure, focusing on accusations of wire fraud and money laundering. Reports emerged on Thursday outlining the scope of the inquiry, which includes reviewing the Squiggles project\'s manifesto and related documentation.

The Squiggles NFT project, already infamous as an alleged "rugpull," has now become the subject of a full-blown federal investigation. Court filings have shown that a federal grand jury is investigating Squiggles NFT founders for fraud and money laundering practices. The project’s three founders, Gavin Mayo, Gabriel Hay, and Ali Saghi are cited in the Grand Jury paperwork that has been circulating online Thursday. Federal investigators are specifically examining the financial activities surrounding the project\'s launch and subsequent operations.

It\'s been a year since the initial controversy surrounding Squiggles surfaced. Squiggles came under fire early last year following an independent report detailing concerns about the project\'s legitimacy. Now, a NFT investigation, reported on February 2, 2025, es.ethereumworldnews.com, highlights the gravity of the situation. The project’s founders are reportedly being investigated for wire fraud and money laundering. The allegations against the Squiggles NFT founders are serious and could result in significant penalties if proven true.