Meta-1Coin Scam Ringleader Sentenced to 23 Years in Prison: Previously Claimed "224,923% ROI," Forged $44 Billion in Gold Reserves

BlockBeats News, May 3rd, according to Forbes, a U.S. court has sentenced the mastermind of the crypto scam Meta-1 Coin, Robert Dunlap, to 23 years in prison. He was charged with defrauding approximately 1,000 investors through a fake crypto investment scheme from 2018 to 2023, involving a total amount of over $20 million.

According to the U.S. Department of Justice, Dunlap had claimed that his issued "Meta-1 Coin" was backed by a $440 billion gold reserve and art pieces by Picasso, Dali, Van Gogh, worth $1 billion. He promised a maximum return of 224,923% to investors, while providing them with forged audit documents and insurance materials.

The investigation revealed that the so-called gold and art assets did not exist, and the "Meta Exchange" website he set up used automated trading bots to create a false impression of profit. The associated tokens were never truly issued on the blockchain. Investor funds were later used for luxury expenses, including the purchase of a Ferrari.

It is worth noting that the U.S. Securities and Exchange Commission filed a civil fraud lawsuit against Dunlap as early as 2020, but he continued to operate the project until facing criminal charges in 2024. The FBI stated that the case "destroyed the wealth and trust accumulated by a large number of victims over many years."