Robert Dunlap, the operator behind the Meta-1 Coin scam, has been sentenced to 23 years in prison by a U.S. court for defrauding approximately 1,000 investors out of over $20 million. Between 2018 and 2023, Dunlap falsely claimed that the Meta-1 Coin was backed by $44 billion in gold reserves and $1 billion in artworks, promising returns of up to 224,923%. However, investigations revealed these assets were non-existent, and the tokens were never issued on-chain. The U.S. Department of Justice highlighted that Dunlap used forged documents to deceive investors, while funds were diverted to purchase luxury items like Ferraris. Despite a civil fraud lawsuit filed by the SEC in 2020, Dunlap continued his fraudulent activities until his indictment in 2024. The FBI noted the significant financial and trust damage inflicted on victims by this scheme.