Randall Crater, the creator of a failed cryptocurrency project was given a sentence of over 8 years in jail on for scamming investors and customers out of millions of dollars through the promotion of a virtual currency called My Big Coin using false information and misleading statements.
According to Reuters, Boston’s U.S. District Judge Denise Casper decided that the perpetrator, Crater, must serve a prison sentence exceeding 8 years for operating a cryptocurrency fraud called “My Big Coin” between 2014 and 2017.
During this time, Crater swindled $7.5 million from investors by convincing them to put money into a questionable digital asset supposedly supported by gold.
Cater falsely claimed that the “My Big Coin” project was affiliated with financial services giant Mastercard.
Federal prosecutors called for a 13-year sentence for Casper, in order to send a warning to other cryptocurrency fraudsters. They also disclosed that Cater used the money he took from investors to buy luxury items for himself, including vehicles, art, jewelry, and rare coins.
