MyBigCoin founder sentenced to 8 years for defrauding investors
U.S. District Court Judge Denise Casper sentenced the founder of a multi-million fraudulent crypto scheme to eight years.The U.S. Department of Justice issued aon 31 January, which stated that My Big Coin founder Randall Crater was sentenced to 100 months in prison by U.S. District Court Judge Denise Casper in Massachusetts.
The coins on My Big Coin were fully functional cryptocurrencies, backed by gold and affiliated the platform with Mastercard. Crater claimed to the investors. He also promoted My Big Coin Exchange, in which investors could exchange coins for US dollars and other fiat currencies.Crater and his marketing team spent a large chunk of the $7.6 million on a house, several cars, and over $1 million on antiques, artwork, and jewelry.
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