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U.S. federal court fined approximately $25 million in fines and damages in the My Big Coin fraud case

Internet reports that the U.S. Commodity Futures Trading Commission (CFTC) announced that the U.S. federal court has issued a final default judgment in the My Big Coin cryptocurrency fraud case, ruling that two individuals and two companies jointly bear US$25 million in fines and damages. Randall Crater, the principal offender in the case, had previously been sentenced to 100 months in prison. The court found that the defendant falsely promoted the gold endorsement and liquidity of his cryptocurrency, My Big Coin(MBC), between 2014 and 2017, defrauding 28 investors of more than US$6 million. The CFTC said it was uncertain how much money the victim would ultimately recover because the defendant may lack solvency.

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