Security News > 2022 > July > My Big Coin founder is – you guessed it – a $6m crypto-fraudster

A crook who created a business called My Big Coin to cheat victims out of more than $6 million has been found guilty by a jury.

Randall Crater, 51, of East Hampton, New York was this week convicted [PDF] of four counts of wire fraud and three counts of money laundering.

Crater founded the now-dead company in Las Vegas in 2013 and lured marks into buying a bogus virtual currency he dubbed My Big Coin.

Crater also claimed the firm had a partnership with MasterCard, allowing it to offer the My Big Coin MasterCard.

In January 2018, the US government's Commodity Futures Trading Commission announced commodity fraud charges against Crater and My Big Coin, and also filed civil charges against the My Big Coin CEO John Roche, and two of Crater's associates, Mark Gillespie and Michael Kruger.

In another crypto-scam case this week, a now-former Coinbase manager, his brother, and a friend were charged with wire fraud conspiracy and wire fraud.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/07/22/my_big_coin_founder_convicted/