My Big Coin founder is – you guessed it – a $6m crypto-fraudster
A crook who created a business called My Big Coin to cheat victims out of more than $6 million has been found guilty by a jury.] of four counts of wire fraud and three counts of money laundering.
Crater founded the now-dead company in Las Vegas in 2013 and lured marks into buying a bogus virtual currency he dubbed My Big Coin. Purchased My Big Coins would apparently be stored in online accounts provided by the fraudster's outfit, and marks were told the tokens could be exchanged for other currencies and used to purchase goods and services.
In reality, however, there was no gold or other assets nor any MasterCard partnership. And the coins couldn't be readily transferred or used for anything: victims were just handing over their money.
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