My Big Coin scandal: $ 25.8 million from CFTC to Founders
The US Commodity Futures Commission (CFTC) won a fine of approximately 25.8 million dollars as a result of his lawsuit against Mark Gillespie and John Roche founders of My Big Coin. CFTC, these people's value of the value of the MBC Token and the claim that the claim is supported by gold, he said.
Investors defrauded $ 6 million
The Massachusetts Regional Court in the United States, My Big Coin Pay Inc., My Big Coin Inc., and its managers Mark Gillespie and John Roche a total of $ 25.8 million penalty:
$ 19,32 million → Civil fine to be paid to CFTC
$ 6,44 million → The amount to be returned to the scamed investors
However, according to CFTC’s statement, it is not possible to repay these money:
“The defendants may not have enough assets to meet these amounts.”
💰 “Supported with Gold” lie: Fiction Story of MBC
CFTC announced that My Big Coin targeted a total of 28 investors between 2014-2017 and collected over $ 6 million. Investors, MBC Token:
Supported by gold,
Which is traded on stock exchanges,
The value is guaranteed,
such as misleading allegations. In fact, the MBC had no real basis.
🧑⚖️ Randall Crater was already convicted
Randall Crater, one of the prominent names of My Big Coin, was previously tried within the scope of the same case and:
In 2023 he was sentenced to more than 8 years of imprisonment.
In February 2024, the request for a new trial was rejected.
He was also sentenced to a return penalty for $ 7.6 million.
Charges against:
✔️ 4 frauds
✔️ 3 illegal financial transactions
✔️ 1 unlicensed money transfer activity
🛑 CFTC: No “Easy Street” to this market
CFTC commissioner Caroline Pham summarized his approach to the crypto industry as follows:
“We will not give any privilege to anyone in this sector. The era of enrichment is closed easily.”
The My Big Coin case once again demonstrates that regulators have developed a harder and more organized reflex against crypto fraud.
📌 Evaluation: Regulation is coming, the delayed investor is burning
This case reminds us how risky it is to invest in large money from research and non -regulation projects. The intervention of institutions such as CFTC is necessary for the progress of the system, but may not always be able to compensate for losses.
WARNING NET:
👉 Check the license, management and collaterals of the project before investing.
👉 Always skeptical closer to promises such as “Gold supported” and “guaranteed value”.
