Randall Crater, the founder of the infamous My Big Coin cryptocurrency firm was sentenced to more than 8 years in prison for defrauding investors and customers which caused damages of over $7.5 million.

More than 55 victims of the exchange’s fraudulent scheme endured financial hardship and trauma, with U.S. Attorney Rachael Rollins saying in a statement that “for nearly four years, Mr. Crater perpetrated a brazen fraud scheme that preyed on investors and customers who put their faith in him and his fake business, resulting in victim losses of over $7.5 million.”

Rollins added that the funds stolen were used to finance “his extravagant lifestyle”. From the millions of dollars funneled from the victims, Crater and his marketing team went on a carefree shopping spree; a house, multiple cars, artworks, antiques and jewelry.

Sources:

https://cointelegraph.com/news/founder-of-7-5m-brazen-fraud-scheme-to-see-8-years-behind-bars

https://www.reuters.com/technology/my-big-coin-cryptocurrency-firm-founder-gets-8-years-prison-fraud-2023-01-31/

https://www.financialexpress.com/blockchain/my-big-coin-cryptocurrency-firm-founder-gets-8-years-in-prison-for-fraud/2967039/