CryptoMediaClub
Wednesday, October 29, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

DOJ Charges Texas Man for Orchestrating $10 Million Meta-1 Coin Scam

21.03.2024
A A
0
131
VIEWS
ShareShare

Texas resident Robert Dunlap has been arrested on federal mail fraud charges in connection with the Meta-1 Coin scam that saw investors drained of over $10 million, a Tuesday press release from the Department of Justice (DOJ) reveals.

The Meta-1 Coin Scam: A Masterclass in Digital Asset Fraud

According to the DOJ’s complaint, Dunlap developed a digital asset entitled Meta-1 Coin in 2018 which he claimed was backed by over $44 billion in gold and art, with pieces by “Pablo Picasso, Vincent Van Gogh, Salvador Dali, and other acclaimed artists.”

Texas Man Charged With Orchestrating Digital Currency Scam That Bilked Investors out of More Than $10 Million @FBIChicago @IRSCI_CHI @Chicago_SEC @EDVAnews https://t.co/CuXJLGkUBZ

— U.S. Attorney’s Office (NDIL) (@NDILnews) March 19, 2024

In reality, the purported fraudster failed to purchase any such artwork. Additionally, board members for the Meta-1 Coin Trust told officials Dunlap claimed to be “in possession of billions of dollars of gold” despite lacking “any proof that he or Meta1 Coin Trust purchased, owned, or possessed any gold assets of any kind.”

Authorities allege the Meta-1 Coin creator fraudulently generated “numerous legal, insurance, and other documents in an effort to conceal the fact that he did not possess the gold or art,” including a surety bond he claimed was backed by the U.S. Treasury.

“The loss of any art piece due to any reason will not affect the value of coin for long because the new art of equal amount can be acquired by filing a claim on the Surety Bond and then purchasing an art piece of the same amount,” the Meta-1 Coin’s White Paper read in part.

Meta-1 Coin Scam Exchange Used Bots To Appear Legitimate

Dunlap even went so far as creating an exchange for the cryptocurrency utilizing “decentralized exchange bots” in order to “create the false appearance of an active market on the exchange website.”

These bots would “place bids/asks and the scripts, using multiple accounts, to periodically conduct actual trades with each other, when, in fact, no real user was on either side of those trades.”

The complaint notes that victims of the scheme were given instructions on how to send checks via mail to Chicago in order to secure their investment.

Dunlap Facing Decades in Prison, DOJ Says

According to blockchain intelligence firm Chainalysis, ​​“scamming is most successful when markets are up, exuberance is high, and people feel like they are missing out on an opportunity to get rich quickly.”

Current statistics on crypto scams are conflicting, with the FBI alleging that digital asset fraud schemes have been increasing year over year through 2022, while Chainalysis notes a major decrease in 2024.

Dunlap is facing four counts of mail fraud for the digital asset scheme, with each charge carrying a maximum sentence of two decades in federal prison.

The post DOJ Charges Texas Man for Orchestrating $10 Million Meta-1 Coin Scam appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

France Stuns Europe: Lawmakers Adopt Bitcoin and Ban Digital Euro
All news

France Stuns Europe: Lawmakers Adopt Bitcoin and Ban Digital Euro

29.10.2025
0

France has taken a bold step that could reshape Europe’s monetary direction. Lawmakers in the National Assembly have adopted a...

Read moreDetails
Alibaba’s Qwen AI With Explosive 3-Month XRP Price Prediction – Could XRP Hit $4.20 By January 2026?

Alibaba’s Qwen AI With Explosive 3-Month XRP Price Prediction – Could XRP Hit $4.20 By January 2026?

28.10.2025
UK Opens Arms to Crypto as KR1 Targets London Stock Exchange Listing

UK Opens Arms to Crypto as KR1 Targets London Stock Exchange Listing

28.10.2025
SharpLink to Deploy $200M in ETH on Consensys’ Linea — Is This the Future of Institutional DeFi and AI-Powered Yields?

SharpLink to Deploy $200M in ETH on Consensys’ Linea — Is This the Future of Institutional DeFi and AI-Powered Yields?

28.10.2025
Crypto PACs Build $263M War Chest Ahead of 2026 US Midterm Elections

Crypto PACs Build $263M War Chest Ahead of 2026 US Midterm Elections

28.10.2025
Load More
Next Post
MetaBirkins NFT Creator Barred from Museum Display After Hermès Lawsuit

MetaBirkins NFT Creator Barred from Museum Display After Hermès Lawsuit

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Jack Dorsey’s TBD announces new Web5 toolkit

Jack Dorsey’s TBD announces new Web5 toolkit

2 years ago
Is XRP Price Ready to Break Toward $1? Key Analysis of Resistance Levels

Is XRP Price Ready to Break Toward $1? Key Analysis of Resistance Levels

1 year ago
Binance limits withdrawals in Europe, cites payment processor issues

Binance limits withdrawals in Europe, cites payment processor issues

2 years ago
PawSwap Demonstrates Communal Power, Boosts Engagement through CertiK’s Skynet Voting

PawSwap Demonstrates Communal Power, Boosts Engagement through CertiK’s Skynet Voting

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

UK Opens Arms to Crypto as KR1 Targets London Stock Exchange Listing

Strategy’s new credit rating will open Bitcoin to $130 trillion institutional capital

SharpLink to Deploy $200M in ETH on Consensys’ Linea — Is This the Future of Institutional DeFi and AI-Powered Yields?

Does a weaker dollar drive Bitcoin price now?

Crypto PACs Build $263M War Chest Ahead of 2026 US Midterm Elections

Why is Bitcoin price pumping? Catch up on what’s moving crypto

Trending

France Stuns Europe: Lawmakers Adopt Bitcoin and Ban Digital Euro
All news

France Stuns Europe: Lawmakers Adopt Bitcoin and Ban Digital Euro

29.10.2025
0

France has taken a bold step that could reshape Europe’s monetary direction. Lawmakers in the National Assembly...

Alibaba’s Qwen AI With Explosive 3-Month XRP Price Prediction – Could XRP Hit $4.20 By January 2026?

Alibaba’s Qwen AI With Explosive 3-Month XRP Price Prediction – Could XRP Hit $4.20 By January 2026?

28.10.2025
Watch these 4 tripwires to signal XRP price direction this week

Watch these 4 tripwires to signal XRP price direction this week

28.10.2025
UK Opens Arms to Crypto as KR1 Targets London Stock Exchange Listing

UK Opens Arms to Crypto as KR1 Targets London Stock Exchange Listing

28.10.2025
Strategy’s new credit rating will open Bitcoin to $130 trillion institutional capital

Strategy’s new credit rating will open Bitcoin to $130 trillion institutional capital

28.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz