A U.S. court imposed approximately $25 million in fines and restitution in the My Big Coin fraud case

ChainCatcher news, according to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) announced that a U.S. federal court has issued a final default judgment in the My Big Coin cryptocurrency fraud case, ordering two individuals and two companies to jointly pay $25 million in fines and restitution. The main perpetrator, Randall Crater, had previously been sentenced to 100 months in prison.

The court found that the defendants falsely promoted their cryptocurrency My Big Coin (MBC) as having gold backing and liquidity between 2014 and 2017, defrauding 28 investors of over $6 million. The CFTC stated that it is uncertain how much money the victims will ultimately be able to recover due to the defendants' potential lack of solvency.