Meta-1Coin scam mastermind sentenced to 23 years in prison: had claimed an “224,923% return rate” and forged $44 billion in gold reserves

BlockBeats News, May 3, according to Forbes, a U.S. court sentenced the operator of the crypto scam Meta-1 Coin, Robert Dunlap, to 23 years in prison. He was accused of defrauding about 1,000 investors through fraudulent crypto investment projects between 2018 and 2023, with the amount involved exceeding $20 million.

According to disclosures from the U.S. Department of Justice, Dunlap claimed that the “Meta-1 Coin” he issued was supported by $44 billion in gold reserves and $1 billion worth of artworks such as Picasso, Dali, Van Gogh, and others, and he promised a maximum return rate of 224923%. He also provided investors with forged audit documents and insurance materials.

Investigations showed that the so-called gold and art asset holdings did not exist. The “Meta Exchange” website he set up used automated trading bots to create the illusion of profits, and the related tokens were never actually completed for on-chain issuance. Investors’ funds were then used to purchase luxury spending, including Ferraris.

It is worth noting that the U.S. Securities and Exchange Commission had already filed a civil fraud lawsuit against Dunlap as early as 2020, but he continued to operate the project until he was criminally charged in 2024. The FBI said the case “destroyed the wealth and trust accumulated by many victims over the years.”