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Cryptoassets & Blockchain Legal News

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United States

‘My Big Coin’ bitcoin scheme charged with fraud

January 24, 2018 by Ashley MAO

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.

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Ashley MAO, Coinlaw

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Ashley MAO is a member of the Coinlaw team. Read more about our team.

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