Founder of 'My Big Coin' fined $7.6 million for cryptocurrency fraud

Golden Finance reported that on February 10, 2025, the Commodity Futures Trading Commission (CFTC) announced that the Massachusetts District Court had issued a consent order against Randall Crater, founder of "My Big Coin" in Heathrow, Florida, requiring him to pay over $7.6 million in compensation to victims of a cryptocurrency fraud scheme. The order also prohibits Crater from trading in any CFTC regulated market, engaging in any trading involving digital asset commodities, and registering with the CFTC. The indictment shows that Randall Crater is facing charges related to a digital asset company called "My Big Coin Pay, Inc." From around 2014 to at least around 2017, Randall Crater and other individuals carried out a fraudulent plan to attract investors to invest in proprietary digital currencies.