U.S. Court Fines My Big Coin Fraudsters $25M in Crypto Scam Case

On June 13, BlockBeats (via Bitcoin.com) reported that a Massachusetts federal court has imposed a $25 million penalty in the infamous My Big Coin ($MBC) fraud case.

Details of the judgment:

$19.326M in civil penalties

$6.442M in victim restitution

Defendants include Mark Gillespie, John Roche, and My Big Coin Pay Inc. & My Big Coin Inc.

From 2014 to 2017, the group falsely claimed $MBC was backed by gold. In reality, the entire setup was a fabricated scam, leading to $6M+ in losses across at least 28 investors.

Randall Crater, the ringleader, is already serving a 100-month prison sentence. However, the CFTC warns that due to limited defendant assets, restitution recovery remains uncertain