Crypto Scammer Sentenced to 23 Years for $20M Meta-1 Coin Fraud

The asset turned out to be a sham, with total losses exceeding $20 million.

23 years for a crypto scam: how Meta-1 Coin defrauded nearly 1,000 investors

24.04.2026 - 10:00

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2 min

Key points:

Robert Dunlap was sentenced to 23 years in prison for running a crypto fraud scheme involving the Meta-1 Coin token.
Nearly 1,000 investors lost over $20 million, and the court ordered him to pay restitution.

A man convicted of orchestrating a large-scale cryptocurrency fraud has been sentenced to 23 years in prison. According to investigators, his scheme cost investors more than $20 million.

The U.S. Department of Justice said that from 2018 to 2023, Robert Dunlap promoted a digital asset called Meta-1 Coin through the company Meta-1 Coin Trust. He persuaded people to invest by promising safe and reliable returns.

Fake Guarantees and Fabricated Assets

Dunlap claimed the token was backed by $44 billion in gold, allegedly verified by auditors. He also said it was supported by a $1 billion art collection that supposedly included works by Picasso, Dalí, and Van Gogh. These claims were false.

To support the scheme, he created fake legal documents. In reality, he owned neither the gold nor the art collection he advertised.

Nearly 1,000 people fell victim to the scam, with many losing their entire savings. Prosecutors Jared Hasten and Paige Nutini said Dunlap misled investors for years, presenting the project as a secure investment.

According to prosecutors, he showed no remorse, and his deception became increasingly sophisticated over time. Authorities emphasized that such crimes carry serious consequences, including lengthy prison sentences.

On Tuesday, U.S. District Judge LaShonda A. Hunt of the Northern District of Illinois handed down the sentence. A federal jury had previously found Dunlap guilty of mail fraud. The court also ordered the 55-year-old to pay restitution to the victims.

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