Reading Time: 2 minutes
- The SEC is preparing action against the Meta 1 scam after two years of investigation
- The agency has been gathering data on the flow of proceeds into the Meta 1 founders’ accounts
- Action should be taken by September to bring the Meta 1 scam to an end
The Securities and Exchange Commission (SEC) is preparing to take legal action to reclaim the funds being misused by the ongoing Meta 1 scam. In its latest filing, the SEC has said that it is “preparing its motion for remedies” which will be filed in September at the latest. The development is the latest in a case that has been running for more than two years and has seen the Meta 1 founders lying to potential investors over the project and using fresh investment to pay off loans and credit cards and buy luxury items.
Crypto News Meta 1 Scam Paying Off Founders’ Debts
In its prior filing in the case, the SEC said that it was continuing to wade through the complexities of Meta 1’s financial arrangements, trying to work out where the $13.6 million the scammers have taken has come from and where it has gone. We already know that, alongside settling debts, the money has also gone on luxury items and a Ferrari.
Meta 1 once claimed to be a record breaking blockchain that offered a “coin for humanity” based on billions of dollars of fine art and gold, claims it has never offered evidence for. It has promised to launch an exchange and other products multiple times, and in its latest filing the SEC reports that co-founder Robert Dunlap told would-be investors in a Zoom call that Meta 1 was “close to a full market release”, more than two years after it was “finalizing preparations” for a public launch.
The SEC also revealed more nuggets Dunalp revealed during the same call:
The fictional “Coin” Dunlap once sold for $22.22 now sells for $373.75. Dunlap told investors that it is “inevitable” that the Coin will increase to $1,500 to $2,000 a coin this year, and $10,000 or higher after that, as a “conservative” prediction.
Dunlap previously claimed to have launched the world-beating Meta 1 exchange, but anyone unfortunate to buy what passed for the Meta 1 coin found they could not actually sell them on the platform.
Crypto News Asian Countries Targeted as SEC Closes In
Meta 1’s marketing push has not relented, with the team targeting poorer countries in Asia and pushing the narrative of guaranteed returns to promote the Meta 1 scam to those who can least afford it. In this time they have also continued with their comparison of Meta 1 to all other cryptocurrencies in the space, always coming out better, naturally, and even offering advice on how Meta 1 can help people “escape the corrupt financial system”.
The SEC ends the update by promising remedial action by September’s update at the latest, but potentially sooner if the court demands. This will hopefully come in the form of assets being seized and funds frozen before more can be laundered, with the Meta 1 scam finally closed down once and for all.