Randall Crater, the founder of cryptocurrency project My Big Coin, has had his fraud conviction upheld by an appellate court. Crater was sentenced to over eight years in prison following a jury finding him guilty of multiple charges, including wire fraud and operating an unlicensed money-transmitting business. In the appeal, Crater’s legal team argued that his rights were violated, but the court rejected their claims. The court filing also stated that My Big Coin was not a legitimate cryptocurrency and lacked the necessary indicators until after Crater had marketed it as such. Crater falsely promoted the platform as a crypto payment service and earned around $7.6 billion from victims between 2014 and 2017. He also claimed that the platform’s tokens were backed by gold and had a partnership with Mastercard. Crater’s conviction is part of a broader crackdown on crypto-related crimes by US enforcement agencies.
Founder of 'My Big Coin' denied new trial by appellate court