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Legal Blow for "My Big Coin" Founder as Appeal for New Trial Denied

Legal Blow for "My Big Coin" Founder as Appeal for New Trial Denied

Key Takeaways

  • An appellate court confirmed Randall Crater's sentence of over eight years for fraud in the "My Big Coin" case.
  • Judges dismissed Crater's defense claims that his Sixth Amendment rights were violated.
  • Crater's fraudulent scheme led to financial losses of over $7.6 million for investors.

An appellate court has confirmed the conviction of Randall Crater, the mind behind the defunct crypto business "My Big Coin".

This decision solidified his sentence of over eight years in federal prison.

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The defense for Crater tried to appeal the sentence, arguing that his Sixth Amendment rights were breached, because the court did not compel the attendance of witnesses whom he believed would be favorable to his defense.

In addition, the legal team objected to the inclusion of testimony from Pamela Cregg, a cryptocurrency expert whom they deemed unqualified.

However, the appellate panel, comprised of Judges Gustavo Gelpí, Jeffrey Howard, and Julie Rikelman, found none of the defense's arguments sufficient to warrant a reversal of the decision. Therefore, the appeal was denied.

He was convicted of four counts of wire fraud, three counts of money laundering, and "one count of operating an unlicensed money transmitting business."

Crater's business, launched in 2013, was essentially a fraud scheme which led to victim losses of more than $7.6 million.

He lured investors by promising that all cryptocurrencies on "My Big Coin" were backed by gold. In reality, however, the money was misappropriated for Crater's personal gain.

The court's decision to uphold Randall Crater's conviction marks the ongoing efforts to combat fraud in the cryptocurrency industry.

Another legal battle prominent in the crypto environment involves Terraform Labs co-founder Do Kwon. The most recent update in this case is that he is set to be extradited to the United States.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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