👮 U.S. charges My Big Coin virtual currency firm founder with fraud
Randall Crater, founder of virtual currency scheme My Big Coin, was arrested and charged by federal prosecutors on seven counts of wire fraud and unlawful monetary transactions. Crater and his associates claimed My Big Coin was backed by gold and could be traded on major exchanges until it was sued last year by the CFTC. The civil case it produced, and which is still pending, was one of the first U.S. cases to say virtual currencies could be labeled a commodity and so fall under CFTC discretion.
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