My Big Coin Founders Ordered to Pay $25.8M in Crypto Fraud Case

A Massachusetts federal court has levied a $25.8 million penalty against My Big Coin Pay, Inc. and its founders for defrauding investors through a deceptive digital currency scheme. The judgment includes $19.3 million in civil penalties and $6.4 million in restitution.

The defendants falsely marketed My Big Coin (MBC) as a gold-backed cryptocurrency traded on major platforms between 2014 and 2017. In reality, the token had no such backing or liquidity. Over $6 million was siphoned from at least 28 victims, with funds diverted by co-conspirator Randall Crater, now serving an eight-year prison sentence.

The ruling underscores regulators'' increasing scrutiny of fraudulent crypto projects. While the CFTC''s civil case concludes, the verdict serves as a warning to bad actors in the digital asset space.