My Big Coin Founder Convicted of Cryptocurrency Fraud Scheme

My Big Coin founder Randall Crater convicted of cryptocurrency fraud scheme. He marketed to investors between 2014 and 2017 using misrepresentations about the nature and value of Coins. Crater and his associates falsely claimed that Coins was a fully functioning cryptocurrency backed by $300 million in gold, oil and other valuable assets. Crater also falsely told investors that My Big Coin had a partnership with MasterCard and that Coins could readily be exchanged for government-backed paper currency or other virtual currencies. He faces a maximum sentence of 110 years in prison.