U.S. Federal Court Imposes Approximately $25 Million in Fines and Restitution in My Big Coin Fraud Case]

The U.S. Commodity Futures Trading Commission (CFTC) announced that a U.S. federal court issued a final default judgment in the My Big Coin cryptocurrency fraud case, holding two individuals and two companies jointly liable for $25 million in fines and restitution. The main perpetrator, Randall Crater, had previously been sentenced to 100 months in prison. The court found that the defendants falsely advertised their cryptocurrency My Big Coin (MBC) as having gold backing and liquidity between 2014 and 2017, defrauding 28 investors of over $6 million. The CFTC stated that due to the defendants' potential lack of solvency, it remains uncertain how much of the funds the victims will ultimately recover.