• Randall Crater – the Founder of the fraudulent cryptocurrency business „My Big Coin“ – will spend 100 months in prison for stealing $7.5 million from investors via his „My Big Coin“ scam.
• U.S. District Judge Denise Casper ruled that Crater should stay in prison for more than eight years for running a cryptocurrency scam called „My Big Coin“.
• Federal prosecutors revealed he used stolen investor funds to purchase expensive items including cars, artwork, jewelry, and antique coins.
Randall Crater Sentenced to 8 Years in Prison
U.S. District Judge Denise Casper has sentenced Randall Crater to eight years and four months in prison for running a cryptocurrency scam called „My Big Coin.“ Crater stole $7.5 million from investors between 2014 and 2017 by luring them to invest in a digital asset backed by gold and falsely claiming it was partnered with Mastercard.
Stolen Funds Used To Buy Luxury Items
Federal prosecutors also revealed that Crater used the stolen investor funds to purchase expensive items such as cars, artwork, jewelry, and antique coins. They had urged the authorities to impose a 13-year punishment on Casper in order to serve as a message of deterrence to other crypto scammers.
Crypto Scam Age-Old Scheme
Upon announcing the sentence, Judge Casper said: “Certainly, cryptocurrency is a newer enterprise, a newer market, a 21st Century market. But the scheme at its core was age-old, and that was a fraud.“ This serves as an important reminder that while cryptocurrencies are relatively new financial instruments they can still be susceptible to traditional scams like any other asset class or currency.
Protect Yourself From Crypto Scams
In order to protect yourself against crypto scams like these it’s important to do your due diligence before investing in any digital assets or cryptocurrencies and familiarize yourself with common warning signs of fraud such as promises of guaranteed returns or ‚too good to be true‘ offers of high returns with minimal risk involved. Additionally, make sure you research any company you’re considering investing with thoroughly online before committing any capital or providing any personal information associated with your identity or finances.
Conclusion
Randall Crater has been sentenced by US District Judge Denise Casper for running the fraudulent cryptocurrency business „My Big Coin“ which resulted in him stealing $7.5 million from unsuspecting investors between 2014-2017 via false promises regarding partnerships with Mastercard and gold backing their digital asset.. It’s important for anyone looking into investing in cryptocurrencies or digital assets do their due diligence beforehand and familiarize themselves with common warning signs of fraud so they don’t fall victim like those who invested with My Big Coin did