Texas man sentenced to 23 years for $20M crypto scam backed by fake blue-chip art

Robert Dunlap, a resident of Texas, received a 23-year federal prison sentence for a cryptocurrency scam that spanned five years, deceiving nearly 1,000 investors and resulting in losses exceeding $20 million. Convicted of mail fraud in the Northern District of Illinois, he is required to make full restitution. Between 2018 and 2023, Dunlap ran a cryptocurrency venture selling the "Meta-1 Coin," falsely asserting it was secured by $1 billion in fine art and $44 billion in gold. He created fake legal documents and never owned the gold or art. Prosecutors emphasized his lack of remorse, and the scheme caused significant harm to many investors. This case underscores the rise in federal actions against cryptocurrency fraud as regulations tighten.