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A Massachusetts federal court has ordered My Big Coin Pay, Inc. and its founders to pay $25.8 million in penalties and restitution for defrauding investors. The CFTC-led case highlights deceptive claims about the cryptocurrency’s value and backing.
- The court imposed a $19.3M civil penalty and $6.4M in restitution for victims of the My Big Coin fraud.
- Defendants falsely claimed MBC was gold-backed and traded on major platforms, misleading investors.
- Randall Crater, the scheme's mastermind, was previously sentenced to over 8 years in prison.
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Related Tags: Commodity Futures Trading Commission (CFTC)