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US charges cryptocurrency creators over $6 million scam
US regulators are making good on their promise to get tough on crypto fraud. The Commodity Futures Trading Commission has filed complaints charging My Big Coin Pay and two of its operators, Randall Crater and Mark Gillespie, with using the company's My Big Coin cryptocurrency as part of an ongoing, not-so-subtle Ponzi scheme. Crater and Gillespie allegedly drew investments in the virtual money by making numerous bogus claims (that it was traded on multiple exchanges, backed by gold and had a MasterCard partnership) and promptly "misappropriated" the $6 million in funds for buying a home, jewelry, vacations and other indulgences.
