Founder of My Big Coin cryptocurrency pyramid sentenced to 100 months in prison

The US District Court of Massachusetts has sentenced the founder of My Big Coin cryptocurrency scam Randall Crater to 100 months in prison and $7.6 million to the victims.

The court found Randall Crater guilty of four counts of wire fraud, three counts of illegal money transactions and one count of running an unlicensed money transfer business.

My Big Coin was founded in 2013. Krater positioned the firm as a cryptocurrency payment service. According to the founder, the tokens on the platform were backed by gold, and the firm itself collaborated with the payment giant Mastercard.

The My Big Coin Exchange cryptocurrency exchange was also available on the platform, where tokens could be exchanged for US dollars and other fiat currencies.. The fraudulent company existed until 2017.

The total amount of funds raised by Crater and his team amounted to $7.6 million. The founder of My Big Coin spent a significant part of the money on buying a house and several cars, and about $ 1 million on antiques, art and jewelry.

Krater himself does not admit his guilt in fraud.. According to him, the My Big Coin credit card did exist and was used by investors.

In early January, it was reported that a resident of Belarus was fined $1 million in connection with the organization of a cryptocurrency exchange.