Cryptocurrency fraudster gets 23 years in prison in the US

The Northern District of Illinois Court sentenced 55-year-old Texas resident Robert Dunlap to 23 years in prison for organizing the Meta-1 Coin cryptocurrency pyramid scheme. More than a thousand investors lost about $ 20 million.

From 2018 to 2023, Dunlep sold the Meta-1 Coin digital asset through the Meta-1 Coin Trust organization, assuring buyers of the reliability of their investments. According to him, the cryptocurrency was backed by a collection of artworks worth up to $ 1 billion and $ 44 billion worth of gold. The collection allegedly included works by Picasso, Dali, Van Gogh, and other famous artists, and the gold reserves were audited.

In reality, there was neither gold nor paintings. Investors were shown forged documents, and the scheme worked for five years in a row.
In addition to the prison term, the court ordered Dunlep to pay compensation to the victims. The amount of payments is not specified, but investors' losses are estimated at about $ 20 million.

In its statement, the prosecutor’s office emphasized that such crimes hit not only bank accounts, but also destroy years of accumulated financial stability. the 23-year sentence was called a warning to other fraudsters: serious consequences are inevitable.