$20 Million Van Gogh, Picasso, Dali ‘Art’ Crypto Scam Lands Texas Man Over 20 Years In Prison

• Prosecutors said the defendant misled nearly 1,000 victims over a multi-year period from 2018 to 2023.
• A federal jury convicted him last year on mail fraud charges tied to the scheme.
• Investigators found that the claimed assets did not exist and that documents used to support them were fabricated.

A Texas man was sentenced to more than 20 years in prison for defrauding investors of over $20 million through a crypto token he claimed was backed by artwork from Pablo Picasso, Vincent Van Gogh, and Salvador Dalí.

U.S. District Judge LaShonda A. Hunt on Thursday sentenced Robert Dunlap to 23 years in federal prison and ordered him to pay restitution to nearly 1,000 victims. “Defendant lied to investors for years,” prosecutors wrote in the sentencing filing, adding that his claims grew more elaborate over time.

Fake Asset Claims Drove $20 Million Crypto Scheme

Prosecutors said Dunlap spent years promoting “Meta-1 Coin,” a digital asset he falsely claimed was supported by $44 billion in gold as well as roughly $1 billion in art, and positioned himself as the operator of the ”Meta-1 Coin Trust.” He also told investors the assets had been independently audited, but authorities found no such holdings existed.

A federal jury in the Northern District of Illinois convicted Dunlap last year on mail fraud charges tied to the scheme, which ran from 2018 to 2023. Investigators said he used fabricated documents to give the appearance of legitimacy while concealing that the assets did not exist.

“Robert Dunlap didn’t just take money—he took years of hard work, trust, and financial security from his victims,” said Adam Jobes of IRS Criminal Investigation.

Crypto Fraud Rising Across the Industry, FBI Says

According to a report by the Federal Bureau of Investigation (FBI), released earlier this month, scams are increasingly becoming crypto-based. It stated that crypto-related fraud accounted for the largest share of the cyber-enabled fraud, totaling more than $11 million. Cryptocurrency also accounted for almost three-quarters of investment fraud, far outpacing traditional payment methods such as bank cards or cash.

The overall cryptocurrency market rose 1.4% over the last 24 hours to around $2.65 trillion, after Bitcoin (BTC) briefly crossed $76,000. Cardano (ADA) and Solana (SOL) led gains among the top 10 cryptocurrencies by market capitalization. On Stocktwits, retail sentiment around Bitcoin remained in the ‘bullish’ zone over the past day, accompanied by chatter at ‘normal’ levels. 

Read also: Bitcoin Reclaims $76K, Hits Two-Month High After Trump Signals Iran War May End Soon

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