According to Forbes, on May 3, Robert Dunlap, operator of the Meta-1 Coin scheme, was sentenced to 23 years in prison for defrauding approximately 1,000 investors between 2018 and 2023, with total losses exceeding $20 million.
The U.S. Department of Justice revealed that Dunlap falsely claimed Meta-1 Coin was backed by $44 billion in gold reserves and $1 billion in artworks by Picasso, Dali, and Van Gogh, while promising returns as high as 224,923%. He provided investors with forged audit documents and insurance materials. Investigations found the claimed assets did not exist; the Meta Exchange website used automated trading bots to create false profit illusions, and tokens were never actually issued on-chain. Investor funds were diverted to luxury purchases including Ferraris.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Nominis Questions U.S. OFAC's Iranian Crypto Wallet Designations, Suggests $3.4B May Involve Other State Actors
According to Nominis analysis on May 3, certain crypto wallets frozen by U.S. OFAC as Iranian-linked assets display on-chain behavior patterns that diverge significantly from Iran's Islamic Revolutionary Guard Corps (IRGC) historical operational methods, suggesting involvement by other state-level a
GateNews1h ago
A16z Backs CFTC, Submits 18-Page Comment Opposing State-Level Prediction Market Restrictions on Friday
According to a16z, the venture capital firm submitted an 18-page comment letter to the Commodity Futures Trading Commission on Friday, May 2, supporting federal oversight of prediction markets and opposing state-level restrictions. A16z argued that cease-and-desist letters and proposed bans by state
GateNews2h ago
A16z Backs CFTC, Opposes State-Level Prediction Market Bans on Friday
According to The Block, Andreessen Horowitz submitted an 18-page comment letter to the CFTC on Friday, backing federal oversight of prediction markets and opposing state-level crackdowns. The VC firm argued that cease-and-desist letters and proposed bans from state regulators create a "serious
GateNews7h ago
Reuters: Nobitex Founded by Elite Iranian Political Family, Handles 70% of Nation's Crypto Activity
According to a Reuters investigation published Friday, Nobitex, Iran's dominant crypto exchange with roughly 11 million users, was founded by brothers Ali and Mohammad Kharrazi, members of a family with close ties to Iran's supreme leaders. The brothers registered the company in 2018 under an altern
GateNews9h ago
Nobitex, Iran's Dominant Crypto Exchange, Founded by Elite Political Family Connected to Supreme Leaders
According to a Reuters investigation published Friday, Nobitex, Iran's dominant crypto exchange, was founded by brothers Ali and Mohammad Kharrazi from an elite political family connected by marriage to all three supreme leaders of the Islamic Republic. The exchange claims roughly 11 million users a
GateNews16h ago
Senators Press Lutnick, Tether Over Loan Tied to Cantor Stake Transfer to Trust
Senators escalated scrutiny of a reported Tether loan tied to Commerce Secretary Howard Lutnick’s family trust, raising conflict-of-interest and national security concerns. Warren and Wyden cited a New York credit filing involving “Dynasty Trust A.”
Key Takeaways:
Senators questioned a reported T
Coinpedia16h ago
