US Court Convicts ‘My Big Coin’ Founder in $6 Million Fraudulent Cryptocurrency Scheme

US Court Convicts 'My Big Coin' Founder in $6 Million Fraudulent Cryptocurrency SchemeA federal jury has convicted the founder of “My Big Coin” in a fraudulent scheme that swindled $6 million from cryptocurrency investors. The defendant made several false claims, including that the coins were backed by gold and that the company had a partnership with Mastercard. My Big Coin’s Founder Convicted The U.S. Department of Justice […]

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Crypto Ponzi Scheme “My Big Coin” Founder Arrested on Multiple Fraud Charges

TheMerkle_Razzleton Bitcoin PonziIn the cryptocurrency world, there has never been a shortage of dodgy projects, Ponzi Schemes, and outright scams. Most of those projects are all in the past, yet new ones tend to pop up every now and then. The founder of My Big Coin, one of the many fraudulent offerings, has been arrested and faces multiple counts of fraud and unlawful money transfers. My Big Coin Goes Tits up Not too many people will be familiar with the My Big Coin cryptocurrency. Not just because it wasn’t marketed all that well, but mainly because the project secured millions in funding

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Four Court Cases Confirm Cryptocurrencies Are Commodities in the US

Four Court Cases Confirm Cryptocurrencies Are Commodities in the USCryptocurrencies are commodities, according to four court cases involving the U.S. Commodity Futures Trading Commission (CFTC). A federal judge recently ruled that a token is a commodity, certifying the CFTC’s authority to prosecute fraud and manipulation in the crypto space. In her ruling, the judge cited three other crypto-related cases that arrive at the same […]

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US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue Charges

US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue ChargesA U.S. federal judge has ruled that My Big Coin is a virtual currency meeting the definition of a commodity, which falls within the jurisdiction of the Commodity Futures Trading Commission (CFTC). This allows the regulator to pursue fraud charges involving the cryptocurrency. Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals Judge […]

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US Regulator’s Power Over Crypto Challenged in Court

US Regulator's Power Over Crypto Challenged in CourtThe US Commodity Futures Trading Commission (CFTC) is being challenged in court over its oversight of cryptocurrencies. The defendants argue that their tokens are not commodities, with no futures contracts, which the CFTC regulates. The outcome of this case could affect the Commission’s ability to police all future crypto frauds. Also read: Yahoo! Japan Confirms Entrance […]

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CFTC Shuts Down Another Cryptocurrency-Related Scam

TheMerkle CTFC My Big Coin ScamThe CFTC has taken a very keen interest in cryptocurrency-related projects. The agency keeps a close eye on initial coin offerings, but they also target alleged scams. As a result of this aggressive stance, the CFTC filed federal court enforcement action against My Big Coin. The company raised over US$6 million from various investors, but the funds have allegedly been used for personal expenses and luxury goods. My Big Coin Turns Into Another Scam Cryptocurrency users all over the world are all too aware that there are numerous scams in this particular industry. It has become increasingly easy to defraud

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CFTC Files Against ‘My Big Coin’ for Scamming $6 Million USD

CFTC Files Against 'My Big Coin' for Scamming $6 Million USDThe Commodity Futures Trading Commission (CFTC) has filed a lawsuit against “a virtual currency know as My Big Coin (MBC).” The CFTC alleges that the company raised more than $6 million USD by making false and misleading claims regarding the cryptocurrency’s utility and backing. Also Read: Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion […]

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