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In 2013, Crater founder of My Big Coin Inc, located the corporate offices of the fake cryptocurrency and virtual payment services provider in Las Vegas.
He scammed roughly 40 individuals out of about $6 million between 2014 and 2017, and his associates misrepresented the token.
Randell Carter, the company’s founder and creator of My Big Coin, was found guilty on Thursday of wire fraud and engaging in illegal transactions by a federal jury in Boston. He asserted that the My Big Coin cryptocurrency token is backed by tangible assets worth $300 million, including gold, oil, and other commodities. He also informed investors that they could trade their tokens for other virtual and fiat currencies and that My Big Coin and MasterCard had cooperation.
Prosecutors claim that Crater used investor money for personal expenses, spending hundreds of thousands on the artwork, jewelry, and antiques. In one of the first cases where the court decided that cryptocurrencies may be considered a commodity, the US Commodity Futures Trading Commission (CFTC) initially accused him of commodity fraud in 2018.
At that time, the CFTC also brought civil lawsuits against three of Crater’s acquaintances, including John Roche, the CEO of My Big Coin, and two other individuals.
Federal prosecutors pursued him when the CFTC first brought suit against him, and in 2019 they obtained an indictment against him. To look into the matter, the Department of Justice collaborated with the CFTC, FBI, and USPIS.
He may spend up to 30 years behind bars if found guilty of four counts of wire fraud and three counts of money laundering. On October 27, the defendant will be sentenced in front of a federal district judge.
However, according to his attorney, Scott Lopez, Crater did nothing wrong because the investors were well aware of the risks associated with cryptocurrencies prior to making an investment.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
