U.S. court imposes approximately $25 million in fines and restitution in the My Big Coin fraud case
Powered by ChatGPTChainCatcher news: According to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) announced that the U.S. federal court issued a final default judgment in the My Big Coin cryptocurrency fraud case, ordering two individuals and two companies to jointly pay a fine and compensation totaling 25 million USD. The main perpetrator of the case, Randall Crater, had previously been sentenced to 100 months in prison. The court found that the defendants falsely promoted their cryptocurrency My Big Coin (MBC) as being backed by gold and having liquidity between 2014 and 2017, defrauding 28 investors out of more than 6 million USD. The CFTC stated that, due to the defendants' potential lack of solvency, it remains uncertain how much money the victims will ultimately be able to recover.