PANews reported on February 1 that according to the official press release of the U.S. Department of Justice, U.S. Boston Federal Court Judge Denise J. Casper sentenced My Big Coin founder Randall Crater to 100 months (8 years and 4 months) in prison and three years of supervised release for marketing and selling fraudulent virtual currencies and operating an unlicensed virtual currency exchange. Crater was also ordered to pay a fine of $7,668,317, and the specific amount of compensation will be determined later.

According to court documents and trial evidence, Crater's company provided virtual payment services through a fraudulent digital currency called "My Big Coins" and sold it to investors between 2014 and 2017. Crater misappropriated investor funds for personal gain, including spending hundreds of thousands of dollars on antiques, art and jewelry. "For nearly four years, Mr. Crater implemented a brazen fraud scheme to deceive investors and customers who had confidence in him and his fake business, causing victims to lose more than $7.5 million," said U.S. federal prosecutors.

Earlier in July last year, My Big Coin founder Randall Crater was found guilty of wire fraud and money laundering for selling fraudulent cryptocurrencies.