A Texas man involved in a major crypto fraud scheme has been sentenced to 23 years in prison after being found guilty of defrauding nearly 1,000 investors. Robert Dunlap played a key role in promoting the fake Meta-1 Coin, which prosecutors say raised around $20 million through misleading claims.

According to the U.S. Securities and Exchange Commission and federal prosecutors, the project falsely claimed the token was backed by billions in gold and valuable artwork from artists like Picasso and Van Gogh. Instead, funds were allegedly diverted to personal expenses, including luxury purchases. The harsh sentence reflects growing efforts by authorities to crack down on crypto-related fraud and send a clear message to would-be scammers.