Cryptocurrency Scammer Robert Dunlap Sentenced to 23 Years

Robert Dunlap, a notorious cryptocurrency scammer, has been handed a 23-year prison sentence for his role in deceiving over 1,000 investors out of more than $20 million.

The scheme, which was operational between 2018 and 2023, involved the sale of 'Meta-1 Coin', a digital asset that Dunlap claimed was secured by $44 billion in gold and a $1 billion art collection featuring works by renowned artists such as Picasso, Dali, and Van Gogh.

Dunlap used various tactics to lure in victims, including social media marketing, seminars, and an internet radio show. He promised investors high returns of up to 224,923% and provided them with fake records and insurance documents to make the scam appear legitimate.

However, an investigation revealed that there was no gold or art backing the token, and that Meta Exchange, the website created for the cryptocurrency, used automated trading bots to create a false impression of profitability.

The funds invested by victims were instead used for Dunlap's personal luxury purchases, including a Ferrari. The SEC had previously filed civil charges against Dunlap in 2020, but this did little to deter him from continuing his scam until he was finally stopped in 2024.