The operators of My Big Coin have been ordered by a Massachusetts federal court judge to pay fines totaling $25.8 million to the Commodity Futures Trading Commission for their involvement in a cryptocurrency scheme. The court issued a default judgment against My Big Coin Pay, Inc., My Big Coin, Inc., and executives Mark Gillespie and John Roche, requiring them to pay $19.32 million in civil penalties and $6.44 million to defrauded investors. Additionally, they are prohibited from engaging in market activities under the CFTC's jurisdiction. The defendants, accused of defrauding 28 investors of over $6 million from 2014 to 2017, made false claims about the value and backing of My Big Coin. Despite the legal actions, investors may not recover their losses due to insufficient funds. Another operator, Michael Kruger, had his case dropped posthumously. Randall Crater, convicted of fraud, faces prison time and financial restitution to victims. Read more AI-generated news on: https://app.chaingpt.org/news