Founder of cryptocurrency company found guilty of fraud

The founder of the cryptocurrency company My Big Coin has been found guilty of fraud — the offender received more than $ 6 million in investment funds.

According to the official website of the U.S. Attorney’s Office, Randall Crater was found guilty of conducting illegal payment transactions and misappropriating investors' funds. The fraudster urged his victims to invest in the digital currency My Big Coin, which, according to Kreuter, was backed by gold, oil and other valuable assets worth more than $ 300 million.

Law enforcement officers found out that Randall Crater had been defrauding investors for three years (from 2014 to 2017) and even talked about his own cooperation with the Mastercard payment system. The fraudster promised that investors would be able to exchange the digital currency they received for any other fiat currency using Mastercard.

Of course, the amount that Randall Kreiter managed to obtain illegally is large, but compared to the scale of another fraudulent scheme, Kreiter’s $ 6 million may seem like a «drop in the bucket.» The FBI recently added OneCoin founder Ruja Ignatova to the list of the 10 most wanted crypto fraudsters, with an estimated $ 4 billion from her victims. Ignatova promised investors to make OneCoin the most popular virtual currency in the world, urging users to transfer their savings to OneCoin investment accounts.