Randall Crater, the founder of cryptocurrency project My Big Coin, has had his fraud conviction upheld by an appellate court. Crater was sentenced to more than eight years in prison after being found guilty of four counts of wire fraud, three counts of unlawful monetary transactions, and one count of operating an unlicensed money-transmitting business. The court rejected Crater’s request for a new trial, stating that his legal team’s arguments did not warrant a reversal of the conviction. Crater falsely marketed My Big Coin as a crypto payment service and earned approximately $7.6 billion from 55 victims between 2014 and 2017. He claimed that the platform’s tokens were backed by gold and that the firm had partnered with Mastercard for a user credit card. Crater was also ordered to pay over $7.6 million in restitution to the victims. The conviction is part of a wider crackdown on crypto-related crimes by US enforcement agencies.
Founder of 'My Big Coin' denied new trial by appellate court
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