My Big Coin Scam: $6.00M Reported Loss
My Big Coin founder Crater has been found guilty of a cryptocurrency fraud scheme.
- Reported loss
- $ 6,000,000
- Attack category
- Scam
Incident Overview
Crater founded My Big Coin in 2013 to provide virtual payment services through the fraudulent digital currency "My Big Coins," which he marketed to investors between 2014 and 2017 by misrepresenting the nature and value of Coins . Crater and his colleagues falsely claimed that Coins was a fully functional cryptocurrency backed by $300 million in gold, oil and other valuable assets. In reality, the coins are not backed by gold or other valuable assets, have no partnership with Mastercard, and are not easily transferable. Over the course of the scheme, Crater misappropriated more than $6 million in investor funds for personal gain and merchandise spending, including spending on antiques, art and jewelry worth hundreds of thousands of dollars.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.