‘My Big Coin’ bitcoin scheme charged with fraud

North America United States

A Las Vegas company, My Big Coin Pay, Inc., and the two men behind it, Randall Crater, Mark Gillespie, have been charged with fraud by the Commodity Futures Exchange Commission (CFTC).

The defendants stand accused of transferring 6 million USD received from their customers to their personal accounts and using them to purchase luxury goods. In addition, the CFTC alleges mischaracterization of the project’s true nature as the defendants claimed My Big Coin Pay, Inc. had a partnership with MasterCard and was backed by gold holdings.

Amongst the services My Big Coin claimed to offer was the ability to mine, buy and sell the “My Big Coin” crypto coin.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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