My Big Coin Executives Fined $26M for Crypto Fraud by CFTC

A Massachusetts federal court has ordered Mark Gillespie and John Roche, executives of My Big Coin Pay, Inc., to pay $26 million in penalties for their involvement in a fraudulent cryptocurrency scheme. The Commodity Futures Trading Commission (CFTC) announced the default judgment on June 7, 2025, marking another chapter in the long-running legal saga surrounding My Big Coin.

The fraudulent operation, which launched in 2014, misled 28 investors out of $6 million by falsely claiming the My Big Coin cryptocurrency was backed by gold. Randall Crater, the CEO, was previously sentenced to over eight years in prison and ordered to pay $7.6 million in restitution. The CFTC''s action highlights increasing regulatory scrutiny on crypto projects making unsubstantiated claims about asset backing and valuation.

This case underscores the risks of unregulated crypto ventures and the growing emphasis on investor protection in digital asset markets. Regulatory bodies are taking a harder line against fraudulent schemes as the industry matures.