Founder Of My Big Coin Sentenced To Eight Years In Prison, This Is The Cause!

JAKARTA - The founder of the cryptocurrency business, which died on Tuesday, January 31, was sentenced to more than eight years in prison for defrauding investors and customers of millions of dollars by marketing a virtual currency called My Big Coin with lies and half the truth.

Federal prosecutors have urged US District Judge Denise life in Boston to impose a 13-year prison sentence on Randall Crater to send a message to others in the first sentence founding cryptocurrency company founders for a marketing fraud case.

Meanwhile,chair concluded that the request was too much, he rejected Crater's notion that a 30-month prison sentence was enough to punish him for his false claims, including that My Big Coin is a real cryptocurrency backed by gold.

"Of course cryptocurrency is a newer company, a newer market, a 21st-century market,"ndati said, quoted by Reuters. "But the core scheme is ancient, and it is a scam."

Crater, who was sentenced to a total of 100 months and ordered to lose nearly 7.7 million US dollars, is expected to file an appeal. In court, he apologized but said he never intended to deceive anyone.

"I have no intention of stealing money from anyone," he said. "That doesn't mean I'm not sorry."

The jury in July found Crater, 52, guilty of wire fraud and committing monetary transactions that violated the law in prosecution that came out of a precedent case by the US Commodity Futures Trading Commission.

The 2018 CFTC lawsuit against Crater and his failed company, My Big Coin Inc, based in Nevada, led to one of the first court rulings declaring that virtual currencies could be considered commodities in regulatory jurisdictions.

Prosecutors then charged Crater in 2019 and accused him of causing investors and customers to lose 7.5 million US dollars from 2014 to 2017 with lies about My Big Coin, whose name sounds similar to today's popular virtual currency bitcoin.

Prosecutors said the false claims included that My Big Coin is a real virtual currency, backed by gold and has a partnership with MasterCard. Prosecutors said Carter used the money to buy cars, jewelry, artwork, and antique coins.