Texas Man Sentenced to 23 Years for $20M Cryptocurrency Fraud Scheme

Gate News message, April 17 — Robert Dunlap, a Texas man, has been sentenced to 23 years in federal prison for orchestrating a cryptocurrency fraud scheme involving over $20 million, according to The Block. He was also ordered to pay restitution to nearly 1,000 victims.

Dunlap operated a cryptocurrency project and sold Meta-1 Coin, falsely claiming the token was backed by $44 billion in gold and approximately $1 billion in artwork, including pieces by Pablo Picasso, Vincent van Gogh, and Salvador Dalí. He further claimed the assets had been audited.

A jury convicted Dunlap of mail fraud last year.