U.S. court orders My Big Coin to pay $25.7M for crypto fraud

A U.S. federal court has ordered My Big Coin Pay Inc., a cryptocurrency and virtual payment services company, along with its affiliate and two individuals, to pay $25.7 million in penalties and restitution for defrauding investors, according to Bitcoin.com. From 2014 to 2017, they falsely claimed that their cryptocurrency, My Big Coin, was backed by gold and actively traded, raising over $6 million from at least 28 victims. The case was brought by the U.S. Commodity Futures Trading Commission (CFTC), which warned that recovery may be limited due to the defendants’ lack of funds. Randall Crater, the scheme’s ringleader, has already been sentenced to 100 months in prison.