The Commodity Futures Trading Commission (CFTC) announced that a U.S. federal court has made a final default judgment in the My Big Coin Crypto Assets fraud case, ruling that two individuals and two companies are jointly liable for $25 million in fines and restitution. The main perpetrator, Randall Crater, had previously been sentenced to 100 months in prison. The court found that the defendants falsely promoted their Crypto Asset My Big Coin ( MBC ) as having gold backing and liquidity between 2014 and 2017, defrauding 28 investors of over $6 million. The CFTC stated that it is uncertain how much money the victims will ultimately recover due to the defendants' potential lack of solvency.
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The Commodity Futures Trading Commission (CFTC) announced that a U.S. federal court has made a final default judgment in the My Big Coin Crypto Assets fraud case, ruling that two individuals and two companies are jointly liable for $25 million in fines and restitution. The main perpetrator, Randall Crater, had previously been sentenced to 100 months in prison. The court found that the defendants falsely promoted their Crypto Asset My Big Coin ( MBC ) as having gold backing and liquidity between 2014 and 2017, defrauding 28 investors of over $6 million. The CFTC stated that it is uncertain how much money the victims will ultimately recover due to the defendants' potential lack of solvency.