A North Carolina court has granted the U.S. Securities and Exchange Commission (SEC) a motion for default judgment against the Meta 1 Coin initial coin offering (ICO), which allegedly defrauded the project of as much as $10 million. Earlier, the US SEC accused Robert Dunlap and Nicole Bowdler, who worked with former Washington State Senator Dave Schmidt, on arranging an ICO scheme called "Meta 1 Coin," which touted a lucrative return on investment. In addition to the US SEC's allegations, prosecutors also accused the ICO organizers of employing elaborate tactics and numerous misrepresentations, including that Meta 1 Coin was backed by a $1 billion art collection, and that the ICO was appointed to a team that knew how to spot real art. The experts who created it also claim that their tokens are backed by $2 billion in gold, and that an accounting firm is auditing the gold assets.