A Texas man has been sentenced to 23 years in prison for running a $20 million cryptocurrency scam.

CoinFeed reported on April 17th that, according to The Block, a Texas man has been sentenced to 23 years in prison for orchestrating a $20 million cryptocurrency scam. Robert Dunlap, 55, defrauded nearly 1,000 investors by selling a token called "Meta-1 Coin," which claimed to be backed by works by artists such as Picasso, Van Gogh, and Dali, and $44 billion in gold. Prosecutors stated that these assets were never audited, did not actually exist, and many investors lost their entire savings. A federal jury found Dunlap guilty of mail fraud last year, and the judge also ordered him to pay restitution to the victims.