Crypto Scam Mastermind Sentenced to 23 Years for Fraudulent Art-Backed Scheme
- Fraud Scheme Unveiled: Robert Dunlap received a 23-year prison sentence for orchestrating a sophisticated cryptocurrency scam that falsely promised $1 billion in art-backed support for Meta-1 Coin, resulting in devastating losses for approximately 1,000 investors, highlighting the risks of fraud in the crypto space.
- Victim Impact: During sentencing, around 50 victims provided statements revealing significant financial losses, with many losing retirement savings and college funds, and some individuals reporting losses exceeding $500,000, illustrating the severe personal financial impact of the scheme.
- Regulatory Response: Following this case, regulatory agencies announced enhanced monitoring of asset-backed cryptocurrencies, requiring issuers to provide verifiable proof of underlying assets and establish independent custody arrangements, reflecting a commitment to investor protection.
- Legal Precedent Established: Dunlap's 23-year sentence sets an important legal precedent for cryptocurrency fraud cases, with the court considering loss amounts, victim counts, and the defendant's role, demonstrating a tough stance against crypto fraud.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, MAJOR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0546 | 0.0574 | 0.0601 | 0.0629 | 0.0656 | 0.0684 | 0.0711 |
| Fibonacci | 0.0574 | 0.0595 | 0.0608 | 0.0629 | 0.065 | 0.0663 | 0.0684 |
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