Randall Crater will pay back the millions lost by victims of his fraudulent crypto scheme and spend 100 months in jail followed by a three-year supervised release.
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In 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
The post Crypto Ponzi Scheme “My Big Coin” Founder Arrested on Multiple Fraud Charges appeared first on The Merkle Hash.
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A 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 […]
The post US Federal Judge Rules My Big Coin a Commodity, CFTC Can Pursue Charges appeared first on Bitcoin News.
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The 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 […]
The post US Regulator’s Power Over Crypto Challenged in Court appeared first on Bitcoin News.
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The 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 […]
The post CFTC Files Against ‘My Big Coin’ for Scamming $6 Million USD appeared first on Bitcoin News.
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