US court imposes approximately $25 million in fines and damages for My Big Coin fraud

PANews reported on June 13 that according to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) announced that the U.S. federal court made a final default judgment on the My Big Coin cryptocurrency fraud case, ruling that two individuals and two companies jointly bear $25 million in fines and compensation. The main culprit in the case, Randall Crater, had previously been sentenced to 100 months in prison.

The court found that the defendants falsely advertised that their cryptocurrency My Big Coin (MBC) had gold endorsement and liquidity between 2014 and 2017, defrauding 28 investors of more than $6 million. The CFTC said that due to the defendants' possible lack of solvency, it is uncertain how much funds the victims will eventually be able to recover.