My Big Coin Founder Gets 8-Year Jail Sentence for Fraud

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. Source

Prosecutors Seek 8-year Jail Term for Owner of Top South Korean Crypto Exchange Bithumb

Crypto exchange FTX is reportedly in talks to buy Bithumb. The legal issues connected to its former chairman will, however, hinder any possible sale. According to reports, Lee Jung-hoon, the de facto owner of the South Korean bitcoin exchange Bithumb, is now facing an 8-year jail sentence. The owner who is also a former chairman of Bithumb Holdings is accused of committing a large-scale fraud worth around 100 billion won ($70 million). Lee was indicted by South Korean prosecutors in July 2021 on charges of fraud under the Act on…