By Mark Hunter
- META 1 Coin, the alleged crypto project that is currently being investigated by the SEC, has announced it is preparing for its “public launch”
- The project, whose founder is facing a $25.5 million legal payout, has promised investors a 225,000% return on their investment
- The project claims to be backed by gold and fine art without ever offering evidence
META 1 Coin, the fraudulent project that claims to be backed by billions of dollars’ worth of art and gold holdings, is gearing up for a “public launch”, despite the founder being on the hook for $25.5 million and the project still subject to Securities Exchange Commission (SEC) action. In a recent posting on its website, META 1 claims to have completed a “successful Private Coin Offering”, which is in effect the $4.4 million the SEC claims they raised illegally and siphoned off to personal bank accounts. META 1 claims that its token price is guaranteed to rise over time, stating that a 225,000% return was “very conservative”.
META 1 “Finalizing Preparations” for Public Launch
META 1 announced in mid-October that they were “finalizing preparations” for the upcoming launch of the platform, which purports to be a gold and art-backed cryptocurrency, exchange, private bank, credit card, and more. This same update boasts of the team having created “front and back-end technology systems” built to support the “projected high demand that is anticipated from the global marketplace.” Bless them.
The project continues its obscure claims to be a “socially conscious enterprise”, which is interesting considering their use of private funds to date has included the purchase of luxury cars and they have lied about the art and gold holdings that they say back the coin’s value. They also reaffirm their claim to be “dedicated to advancing human rights and driving abundance for individuals instead of further enriching large corporate and institutional entities” which is as good an example of irony as you could wish to find.
Murky Truth Lies Beneath the Promises
As grand as all this sounds, the truth is far murkier, as we explored on an episode of the FullyCrypto podcast earlier this year. META 1 and individuals associated with the project, including Dunlap and his partner Nicole Bowdler, are still facing SEC charges over the illegal way they went about raising $4.4 million in ICO funds, while Dunlap’s associate David Schmidt was jailed earlier this year for his part in promoting the project.
Part of the META 1 sales pitch included the claim that each META 1 token would rise in value from an initial $22.22 to a whopping $50,000 within two years. In the recent announcement, META 1 claims that the current META 1 Coin price has rocketed to $88.89, having increased 400% since the private sale, despite no market actually existing for it on which to value it.
This, they claim, is due to the purchase of more assets to back up the price, which is a bold statement given that they claimed to own between $1 billion and $3 billion in assets already (none of which they could prove, incidentally), which they have allegedly bolstered by 400%.
Token Holders Charged Extra For Unrequested “Asset Protection”
META 1 also claims to have pioneered a “streamlined Secured Party Creditor (SPC) process for all META 1 Coin holders” which offers “asset protection under an internationally recognized legal arrangement known as the META 1 Coin Private Jurisdiction.” Did token holders ask for this? No. Will they have to pay for it? Oh yes. But don’t worry, this “normally…costly endeavor” will only set back existing token holders a “nominal filing fee”, so that’s a relief. At least they’re not being fleeced.
There is a very good reason why Dunlap and his gang of humanity-saving superheroes are trying to rake in as much money as possible – they are facing financial ruin. The SEC wants them to pay back all the private sale money raised so far, some of which has been spent on luxury cars, plus damages, while Dunlap himself is currently appealing a $25.5 million judgement made against him in June 2019 over his illegal claim to a $125 million collection of art called the Vaselli collection.
FullyCrypto Will Continue the Fight
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Despite these threats, FullyCrypto intends to report the forthcoming public to the authorities in the hopes that it can be halted before it begins and save thousands more people from throwing their money into the bottomless pit that is Mr Dunlap’s legal bill.