Crater’s firm offered virtual payment services through a fraudulent digital currency known as “My Big Coins,” which were marketed to investors between 2014 and 2017, defrauding them of more than $6 million. He and his associates claimed the coins were a functioning cryptocurrency backed by $300 million in gold, oil and other assets. They also falsely told investors the company had a partnership with MasterCard and that My Big Coins could be easily exchanged for fiat currency or other virtual currencies, CoinDesk had reported.
My Big Coin Founder Gets 8-Year Jail Sentence for Fraud
