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Securities Regulation, Cryptotransactions Keyed to Goforth
Commodity Futures Trading Commission v. My Big Coin Pay, Inc.
Citation:
334 F. Supp. 3d 492 (2018)Facts
Randall Crater and co-defendants operated a fraudulent scheme involving a virtual currency called “My Big Coin.” They enticed customers to purchase My Big Coin by making false and misleading statements, including that it was backed by gold, could be used anywhere Mastercard was accepted, and was actively traded on several currency exchanges. Defendants fabricated and arbitrarily changed My Big Coin’s price to mimic legitimate virtual currency fluctuations. When victims purchased My Big Coin, they could view their accounts on a website but could not trade their MBC or withdraw funds. Defendants obtained more than $6 million through this scheme, with some funds held by Relief Defendants. The CFTC brought suit alleging violations of the Commodity Exchange Act and obtained a temporary restraining order and preliminary injunction before defendants moved to dismiss the amended complaint.
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