My Big Coin Founder Convicted in $6 Million Crypto Fraud Scheme

My Big Coin Founder Convicted in $6 Million Crypto Fraud Scheme
An illustration picture shows gold plated souvenir cryptocurrency Tether (USDT), Bitcoin, and Ethereum coins arranged beside a screen displaying a trading chart, in London on May 8, 2022. Justin Tallis/AFP via Getty Images
Caden Pearson
Updated:
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The founder of a purported cryptocurrency was convicted by a federal jury in Boston on Thursday for defrauding investors who thought the virtual money was backed by commodities, the Department of Justice (DOJ) said.

According to court documents and evidence presented at trial, 51-year-old Randall Crater from East Hampton offered virtual payment services through a fraudulent digital currency he called “My Big Coins,” the DOJ said.

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