Crypto

July 22, 2022

My Big ‘Con’ Founder Guilty

The U.S. Department of Justice (DOJ) convicted My Big Coin founder, Randall Crater, for roughly $6 million in defrauding investors. This story originally popped up in 2018 and has been under the radar until today. So what did the guy do?

He claimed that My Big Coin was backed by $300 million in oil, gold, and other assets. Additionally, he claimed to have a partnership with Mastercard ($MA). Interestingly, the 2018 CFTC (Commodity Futures Trading Commission) lawsuit against My Big Coin was the first time a cryptocurrency was ‘officially’ considered a commodity. 

Sentencing is slated for October 27, 2022. 👍

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