A man in Texas, USA, has been sentenced to 23 years in prison for a cryptocurrency scam involving over $20 million.

BlockBeats News, April 17th, a man named Robert Dunlap in Texas, USA, was sentenced to 23 years in prison by Federal Judge LaShonda A. Hunt for defrauding investors of over $20 million through the sale of a cryptocurrency called "Meta-1 Coin," which he claimed was endorsed by artworks from Picasso, Van Gogh, Dali, and others. He was also ordered to compensate nearly 1000 victims.

The prosecutor stated that Dunlap falsely claimed the project had $440 billion in gold and around $10 billion in artwork backing, which was found to be misleading after an audit.