Founder of $7.5M 'brazen fraud scheme' to see 8 years behind bars

Jan 31, 2023

By Brayden Lindrea

Randall Crater will pay back the millions lost by victims of his fraudulent crypto scheme and spend 100 months in jail followed by a three-year supervised release.

Founder of “My Big Coin” and convicted fraudster Randall Crater has been sentenced to 100 months in prison and has been ordered to pay over $7.6 million to the victims of his fraudulent scheme. 

The U.S. Department of Justice (DOJ) said on Jan. 31 that Crater was sentenced by United States District Court Judge Denise Casper in Massachusetts.

The sentence comes around six months after Crater was convicted by a federal jury on Jul. 21, 2022, on four counts of wire fraud, three counts of unlawful monetary transactions and one count of operating an unlicensed money-transmitting business.

My Big Coin was founded by Crater in 2013 and falsely marketed as a cryptocurrency payment service, luring victims between 2014 and 2017.

Crater claimed the coins on My Big Coin were fully functional cryptocurrencies backed by gold and that the platform had a partnership with Mastercard.

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