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Meta-1 Coin scam mastermind sentenced to 23 years in prison, previously claimed a 224,923% return rate and forged $44 billion in gold reserves
ME News, May 4 (UTC+8): A U.S. court sentenced Robert Dunlap, the operator behind the crypto scam Meta-1 Coin, to 23 years in prison. He was charged with defrauding approximately 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 by artists including Picasso, Dali, Van Gogh, and others, and he promised a maximum return rate of 224923%, while also providing investors with forged audit documents and insurance materials.
Investigations showed that the so-called gold and art assets did not exist. The “Meta Exchange” website he built used automated trading bots to create the illusion of profits, and the related tokens had never actually been issued on-chain. Investors’ funds were then used to buy luxury items, including Ferraris.
Notably, the U.S. Securities and Exchange Commission had already filed a civil fraud lawsuit against Dunlap as early as 2020, but he continued operating the project until it was criminally charged in 2024. The FBI said the case “destroyed the wealth and trust that many victims had accumulated over years.” (Source: ChainCatcher)