My Big Coin Inc founder Randall Crater was sentenced to more than eight years imprisonment and was ordered to forfeit nearly $7.7 million for committing wire fraud and making unlawful monetary transfer on 31 January. He was found misrepresenting the nature of a virtual currency called My Big Coin, claiming it was backed by gold and had a partnership with Mastercard, and defrauded investors millions of dollars. However, the prosecutor’s suggestion to impose a 13-year imprisonment was rejected by District Judge Denise Casper, saying the request went too far.
Source: https://www.reuters.com
