The mastermind behind the Meta-1 Coin scam has been sentenced to 23 years in prison. He claimed a 224,923% return and fabricated $44 billion in gold reserves.

According to Forbes, Robert Dunlap, the mastermind behind the cryptocurrency scam Meta-1 Coin, has been sentenced to 23 years in prison by a US court. He was accused of defrauding approximately 1,000 investors between 2018 and 2023 through a fake cryptocurrency investment project, involving more than $20 million. According to the US Department of Justice, Dunlap claimed that his "Meta-1 Coin" was backed by $44 billion in gold reserves and $1 billion worth of artworks by Picasso, Dali, Van Gogh, and others, promising returns of up to 224,923%, while providing investors with forged audit documents and insurance materials. Investigations revealed that the so-called gold and art assets did not exist, and his "Meta Exchange" website used automated trading bots to create the illusion of profits; the tokens were never actually issued on the blockchain. Investors' funds were subsequently used to purchase luxury goods, including Ferraris. It is worth noting that the US Securities and Exchange Commission filed a civil fraud lawsuit against Dunlap as early as 2020, but the company continued to operate the project until it faced criminal charges in 2024. The FBI stated that the case "destroyed years of wealth and trust accumulated by a large number of victims."