The founder of My Big Coin, a scheme found to be a sham, becomes the first digital asset executive to be convicted by a federal jury, leading to a decision that will see him land 100 months in prison.
Randall Crater, founder of My Big Coin and MBC crypto, is being charged with four counts of wire fraud and three counts of unlawful monetary transactions.
A court in Massachusetts has backed the U.S. Commodity Futures Trading Commission (CFTC) in their interpretation of virtual currencies as commodities (and thus within the regulator’s jurisdiction), in the process dismissing a petition from the My Big Coin’s promoters to have the case set aside.
The legal challenge concerns a relatively unknown cryptocurrency, My Big Coin, which the CFTC alleges has been involved in a fraud estimated at $6 million.
