My Big Coin Fraudulent Service - Revision history

Azoundria: COMPLETE 30 minutes. Reviewed the wiki article in further detail. Confirmed that this scheme continued to be promoted into 2017, and the true date of ending it should be later in 2017. 2015 is only the date of one of the promotions. Expanded the sources to be used, and added more information on the trial and convictions to the timeline.

2024-10-28T18:38:06Z

COMPLETE 30 minutes. Reviewed the wiki article in further detail. Confirmed that this scheme continued to be promoted into 2017, and the true date of ending it should be later in 2017. 2015 is only the date of one of the promotions. Expanded the sources to be used, and added more information on the trial and convictions to the timeline.

← Older revision		Revision as of 12:38, 28 October 2024
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	{{Case Study Under Construction}}{{Unattributed Sources}}		{{Case Study Under Construction}}{{Unattributed Sources}}

	[[File:Mybigcoin.jpg\|thumb\|My Big Coin Logo/Homepage]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" /><ref name="comparitech-10032" />		[[File:Mybigcoin.jpg\|thumb\|My Big Coin Logo/Homepage]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" /><ref name="comparitech-10032" /><ref>https://caselaw.findlaw.com/court/us-1st-circuit/115857853.html (Accessed Oct 28, 2024)</ref><ref>https://www.justice.gov/usao-ma/pr/founder-purported-cryptocurrency-company-sentenced-more-eight-years-prison-multi-million</ref><ref>https://www.reuters.com/technology/my-big-coin-cryptocurrency-firm-founder-gets-8-years-prison-fraud-2023-01-31/</ref><ref>https://www.reuters.com/legal/government/my-big-coin-virtual-currency-firm-founder-convicted-fraud-2022-07-21/</ref>

	== About My Big Coin ==		== About My Big Coin ==
	My Big Coin was based in the United States in Nevada<ref name="reuters-3749" />. "Launched in 2013 by Randall Crater, My Big Coin started as a virtual currency wallet and platform that allowed merchants and consumers to process transactions with their own digital tokens."		My Big Coin was based in the United States in Nevada<ref name="reuters-3749" />. It was founded by Randall Crater<ref name="reuters-3749" /><ref name=":0">[https://www.justice.gov/opa/pr/my-big-coin-founder-convicted-cryptocurrency-fraud-scheme My Big Coin Founder Convicted of Cryptocurrency Fraud Scheme - Department Of Justice] (Accessed Oct 28, 2024)</ref>. "Launched in 2013 by Randall Crater, My Big Coin started as a virtual currency wallet and platform that allowed merchants and consumers to process transactions with their own digital tokens."

	== The Reality ==		== The Reality ==
	~~This sections is included if~~ a ~~case involved deception or information that was unknown at~~ the ~~time~~. ~~Examples include~~:		"In reality, Coins were not backed by gold or other valuable assets, did not have a partnership with MasterCard and were not readily transferable. Over the course of the scheme, Crater misappropriated over $6 million of investor funds for his own personal gain, including spending hundreds of thousands of dollars on antiques, artwork and jewelry."<ref name=":0" />

	* When the service was ~~actually started (if different than~~ the "~~official story~~").		“CipherTrace’s investigation had revealed that MBC was not associated with a public blockchain and, therefore, lacked a crucial indicator of operating as a cryptocurrency until June 2017 -- long after Crater had marketed MBC as a virtual currency comparable to Bitcoin,” said the appellate filing<ref name=":1">[https://cointelegraph.com/news/appeal-rejected-my-big-coin-founder-verdict Appellate court rejects new trial for ‘My Big Coin’ founder - CoinTelegraph] (Accessed Oct 28, 2024)</ref>.
	* Who actually ran a service and their own personal history.
	* How the service was structured behind the scenes. (~~For example~~, ~~there was no "trading bot".~~)
	* Details of what audits reported and how vulnerabilities were missed during auditing.

	== What Happened ==		== What Happened ==
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	\|		\|
	\|		\|
			\|-
			\|February 27th, 2019 5:01:59 PM MST
			\|Reuters Reports Fraud Charges
			\|Reuters reports that the My Big Coin founder Randal Crater has been charged with fraud, which happened on the same day<ref name="reuters-3749" />.
			\|-
			\|July 21st, 2022 2:13:20 PM MDT
			\|US Department Of Justice Sentencing
			\|The US Department of Justice publishes a press release outlining their sentence for Randal Crater<ref name=":0" />.
			\|-
			\|February 26th, 2024 1:44:55 PM MST
			\|Court Of Appeals Upholds Original Conviction
			\|A CoinTelegraph article reports that three judges have upheld the original conviction of Randal Crater. "Crater’s legal team argued that the court violated his Sixth Amendment rights by not enforcing subpoenas against witnesses he claimed would help his case, and including testimony from a crypto expert he argued was unqualified — Pamela Clegg, vice president of financial investigations at blockchain intelligence firm CipherTrace. According to the judges, no argument by Crater’s counsel “merits reversal.” "<ref name=":1" />
	\|}		\|}

Line 53:		Line 62:
	"Mr. Crater was later arrested and charged with fraud and misappropriation. My Big Coin lawsuit became one of the first in American history that revealed a cryptocurrency could be considered a commodity with the jurisdiction held by the U.S. derivatives regulator."		"Mr. Crater was later arrested and charged with fraud and misappropriation. My Big Coin lawsuit became one of the first in American history that revealed a cryptocurrency could be considered a commodity with the jurisdiction held by the U.S. derivatives regulator."

	"The founder of a Nevada-based company was arrested on Wednesday on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold."		"The founder of a Nevada-based company was arrested on Wednesday [February 27th, 2019] on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold."

	"My Big Coin Pay is a major decision that clarifies the scope of the CFTC’s regulatory authority over cryptocurrencies that do not include a futures component. However, several questions remain. First, the court held that the CFTC had met its burden at the pleadings stage, leaving open the possibility that My Big Coin may be found to not be a commodity in later proceedings.93 Second, the court did not attempt to reconcile its opinion with CFTC v. Monex Credit Co.’s holding that the language of Section 6(c)(1) “prohibited fraudulent manipulation		"My Big Coin Pay is a major decision that clarifies the scope of the CFTC’s regulatory authority over cryptocurrencies that do not include a futures component. However, several questions remain. First, the court held that the CFTC had met its burden at the pleadings stage, leaving open the possibility that My Big Coin may be found to not be a commodity in later proceedings.93 Second, the court did not attempt to reconcile its opinion with CFTC v. Monex Credit Co.’s holding that the language of Section 6(c)(1) “prohibited fraudulent manipulation

Azoundria: COMPLETE 30 minutes. Updated the under construction template. About section spread around. Updated all the sources to names and dates. Trying to find out the date of the actual collapse.

2024-10-22T02:31:57Z

COMPLETE 30 minutes. Updated the under construction template. About section spread around. Updated all the sources to names and dates. Trying to find out the date of the actual collapse.

Show changes

Azoundria at 17:48, 16 October 2023

2023-10-16T17:48:29Z

← Older revision		Revision as of 11:48, 16 October 2023
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	[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.		[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" />		This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" /><ref name="comparitech-10032" />

	== About My Big Coin ==		== About My Big Coin ==
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	\|		\|
	\|}		\|}

			== Technical Details ==
			This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

	== Total Amount Lost ==		== Total Amount Lost ==
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	<ref name="elliptic-2535">[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 15, 2021)</ref>		<ref name="elliptic-2535">[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 15, 2021)</ref>

	<ref name="vocal-5675">[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16, 2022)</ref></references>		<ref name="vocal-5675">[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16, 2022)</ref>

			<ref name="comparitech-10032">[https://www.comparitech.com/crypto/cryptocurrency-scams/ Worldwide crypto & NFT rug pulls and scams tracker - Comparitech] (Dec 15, 2022)</ref></references>

Azoundria at 23:59, 12 April 2023

2023-04-12T23:59:06Z

← Older revision		Revision as of 17:59, 12 April 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}}		{{Imported Case Study 2\|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}}
	{{Unattributed ~~Citations~~}}		{{Unattributed Sources}}

	[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.		[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" />
	<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" />

	== About My Big Coin ==		== About My Big Coin ==
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	!Description		!Description
	\|-		\|-
	\|September 3rd, 2015 ~~12:00:00 AM~~		\|September 3rd, 2015
	\|Main Event		\|Main Event
	\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
Line 85:		Line 84:
	== Ongoing Developments ==		== Ongoing Developments ==
	What parts of this case are still remaining to be concluded?		What parts of this case are still remaining to be concluded?
			== General Prevention Policies ==
			Providing a simple registration service ensures that operators are known. Regular validations can support any claims of asset backing such as gold, with cryptographic proof that all customers were fully included.
			== Individual Prevention Policies ==
			{{Prevention:Individuals:Placeholder}}

			{{Prevention:Individuals:End}}

	== Prevention Policies ==		== Platform Prevention Policies ==
	Providing a simple registration service ensures that operators are known. Regular validations can support any claims of asset backing such as gold, with cryptographic proof that all customers were fully included.		{{Prevention:Platforms:Placeholder}}

			{{Prevention:Platforms:End}}

			== Regulatory Prevention Policies ==
			{{Prevention:Regulators:Placeholder}}

			{{Prevention:Regulators:End}}

	== References ==		== References ==
	<references><ref name="onyxgs-3142">[https://www.onyxgs.com/blog/six-cryptocurrency-fraud-schemes-you-should-know Six Cryptocurrency Fraud Schemes You Should Know \| Onyx] (Sep 18, 2021)</ref>		<references><ref name="onyxgs-3142">[https://www.onyxgs.com/blog/six-cryptocurrency-fraud-schemes-you-should-know Six Cryptocurrency Fraud Schemes You Should Know \| Onyx] (Sep 19, 2021)</ref>

	<ref name="reuters-3749">[https://www.reuters.com/article/us-crypto-currency-mybigcoin-idUSKCN1QG2HY U.S. charges My Big Coin virtual currency firm founder with fraud \| Reuters] (Oct 13, 2021)</ref>		<ref name="reuters-3749">[https://www.reuters.com/article/us-crypto-currency-mybigcoin-idUSKCN1QG2HY U.S. charges My Big Coin virtual currency firm founder with fraud \| Reuters] (Oct 14, 2021)</ref>

	<ref name="bu-3750">[https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf] (Oct 13, 2021)</ref>		<ref name="bu-3750">[https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf] (Oct 14, 2021)</ref>

	<ref name="mybigcoinarchive-3751">[https://web.archive.org/web/20141020064626/https://www.mybigcoin.com/ My Big Coin - Any Time, Any Place, My Big Coin] (Oct 13, 2021)</ref>		<ref name="mybigcoinarchive-3751">[https://web.archive.org/web/20141020064626/https://www.mybigcoin.com/ My Big Coin - Any Time, Any Place, My Big Coin] (Oct 14, 2021)</ref>

	<ref name="youtube-3752">[https://www.youtube.com/watch?v=PSPdcdW7lOQ My Big Coin - mybigcoin.com - MBC - YouTube] (Oct 13, 2021)</ref>		<ref name="youtube-3752">[https://www.youtube.com/watch?v=PSPdcdW7lOQ My Big Coin - mybigcoin.com - MBC - YouTube] (Oct 14, 2021)</ref>

	<ref name="elliptic-2535">[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 14, 2021)</ref>		<ref name="elliptic-2535">[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 15, 2021)</ref>

	<ref name="vocal-5675">[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16, 2022)</ref></references>		<ref name="vocal-5675">[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16, 2022)</ref></references>

Azoundria at 00:52, 16 February 2023

2023-02-16T00:52:43Z

← Older revision		Revision as of 18:52, 15 February 2023
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	{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}}		{{Imported Case Study\|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}}
			{{Unattributed Citations}}

	[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.		[[File:Mybigcoin.jpg\|thumb\|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.		This exchange or platform is based in United States, or the incident targeted people primarily in United States.
			<ref name="onyxgs-3142" /><ref name="reuters-3749" /><ref name="bu-3750" /><ref name="mybigcoinarchive-3751" /><ref name="youtube-3752" /><ref name="elliptic-2535" /><ref name="vocal-5675" />

	== About My Big Coin ==		== About My Big Coin ==
Line 36:		Line 38:

	Don't Include:		Don't Include:

	* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.		* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
	* Anything that wasn't reasonably knowable at the time of the event.		* Anything that wasn't reasonably knowable at the time of the event.
Line 58:		Line 59:
	\|-		\|-
	\|September 3rd, 2015 12:00:00 AM		\|September 3rd, 2015 12:00:00 AM
	\|~~First~~ Event		\|Main Event
	\|~~This is an expanded~~ description of what happened and the impact. If multiple lines are necessary, add them here.		\|Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.
	\|-
	\|
	\|
	\|
	\|-		\|-
	\|		\|
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	== Total Amount Lost ==		== Total Amount Lost ==
	The total amount lost ~~is unknown~~.		The total amount lost has been estimated at $6,000,000 USD.

	How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?		How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
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	== Total Amount Recovered ==		== Total Amount Recovered ==
	~~It is unknown how much was~~ recovered.		There do not appear to have been any funds recovered in this case.

	What funds were recovered? What funds were reimbursed for those affected users?		What funds were recovered? What funds were reimbursed for those affected users?
Line 93:		Line 90:

	== References ==		== References ==
	[https://www.onyxgs.com/blog/six-cryptocurrency-fraud-schemes-you-should-know Six Cryptocurrency Fraud Schemes You Should Know \| Onyx] (Sep 18)		<references><ref name="onyxgs-3142">[https://www.onyxgs.com/blog/six-cryptocurrency-fraud-schemes-you-should-know Six Cryptocurrency Fraud Schemes You Should Know \| Onyx] (Sep 18, 2021)</ref>

	[https://www.reuters.com/article/us-crypto-currency-mybigcoin-idUSKCN1QG2HY U.S. charges My Big Coin virtual currency firm founder with fraud \| Reuters] (Oct 13)		<ref name="reuters-3749">[https://www.reuters.com/article/us-crypto-currency-mybigcoin-idUSKCN1QG2HY U.S. charges My Big Coin virtual currency firm founder with fraud \| Reuters] (Oct 13, 2021)</ref>

	[https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf] (Oct 13)		<ref name="bu-3750">[https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf] (Oct 13, 2021)</ref>

	[https://web.archive.org/web/20141020064626/https://www.mybigcoin.com/ My Big Coin - Any Time, Any Place, My Big Coin] (Oct 13)		<ref name="mybigcoinarchive-3751">[https://web.archive.org/web/20141020064626/https://www.mybigcoin.com/ My Big Coin - Any Time, Any Place, My Big Coin] (Oct 13, 2021)</ref>

	[https://www.youtube.com/watch?v=PSPdcdW7lOQ My Big Coin - mybigcoin.com - MBC - YouTube] (Oct 13)		<ref name="youtube-3752">[https://www.youtube.com/watch?v=PSPdcdW7lOQ My Big Coin - mybigcoin.com - MBC - YouTube] (Oct 13, 2021)</ref>

	[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 14)		<ref name="elliptic-2535">[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 14, 2021)</ref>

	[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16)		<ref name="vocal-5675">[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams \| The Chain] (Jan 16, 2022)</ref></references>

Azoundria: Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}} My Big CoinMyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery. This exchange or platform is based in United States, or the incident targe..."

2023-01-24T20:46:42Z

Created page with "{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}} thumb|My Big CoinMyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery. This exchange or platform is based in United States, or the incident targe..."

New page

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/mybigcoinfraudulentservice.php}}

[[File:Mybigcoin.jpg|thumb|My Big Coin]]MyBigCoin operated a fraudulent company which made significant false claims, including a false partnership with Mastercard and being backed by gold. In the end, participants were receiving nothing, and $6m was lost without any opportunity of recovery.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

== About My Big Coin ==
"Launched in 2013 by Randall Crater, My Big Coin started as a virtual currency wallet and platform that allowed merchants and consumers to process transactions with their own digital tokens."

"Rather than use investor funds as promised, Crater misappropriated $6 million for his personal uses, such as buying artwork, antiques and jewelry, the indictment said."

"In 2018 it was discovered the company had been scamming people out of their hard-earned money. In exchange for their dollars, unlucky customers were getting nothing. A company that purported to be selling legitimate Bitcoin was selling air."

"My Big Coin managed to stay in business for a long time without being discovered because of pretending to be a legitimate business. It even claimed to be partnering with MasterCard. Over the cause of its operation, the company lured investors into funding around $6 million."

"Mr. Crater was later arrested and charged with fraud and misappropriation. My Big Coin lawsuit became one of the first in American history that revealed a cryptocurrency could be considered a commodity with the jurisdiction held by the U.S. derivatives regulator."

"The founder of a Nevada-based company was arrested on Wednesday on federal charges he participated in a $6 million scheme to defraud people who wanted to buy a virtual currency called My Big Coin that he claimed was backed by gold."

"My Big Coin Pay is a major decision that clarifies the scope of the CFTC’s regulatory authority over cryptocurrencies that do not include a futures component. However, several questions remain. First, the court held that the CFTC had met its burden at the pleadings stage, leaving open the possibility that My Big Coin may be found to not be a commodity in later proceedings.93 Second, the court did not attempt to reconcile its opinion with CFTC v. Monex Credit Co.’s holding that the language of Section 6(c)(1) “prohibited fraudulent manipulation
but not fraud without manipulation.”94 It remains to be seen whether My Big Coin Pay will be an isolated case or whether the CFTC will continue to play a meaningful role in keeping the cryptocurrency sector accountable."

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:

* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
{| class="wikitable"
|+Key Event Timeline - My Big Coin Fraudulent Service
!Date
!Event
!Description
|-
|September 3rd, 2015 12:00:00 AM
|First Event
|This is an expanded description of what happened and the impact. If multiple lines are necessary, add them here.
|-
|
|
|
|-
|
|
|
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

== Ultimate Outcome ==
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
It is unknown how much was recovered.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?

== Prevention Policies ==
Providing a simple registration service ensures that operators are known. Regular validations can support any claims of asset backing such as gold, with cryptographic proof that all customers were fully included.

== References ==
[https://www.onyxgs.com/blog/six-cryptocurrency-fraud-schemes-you-should-know Six Cryptocurrency Fraud Schemes You Should Know | Onyx] (Sep 18)

[https://www.reuters.com/article/us-crypto-currency-mybigcoin-idUSKCN1QG2HY U.S. charges My Big Coin virtual currency firm founder with fraud | Reuters] (Oct 13)

[https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf https://www.bu.edu/rbfl/files/2021/02/6-Noah-Cherry.pdf] (Oct 13)

[https://web.archive.org/web/20141020064626/https://www.mybigcoin.com/ My Big Coin - Any Time, Any Place, My Big Coin] (Oct 13)

[https://www.youtube.com/watch?v=PSPdcdW7lOQ My Big Coin - mybigcoin.com - MBC - YouTube] (Oct 13)

[https://www.elliptic.co/blog/bitcoin-fraud-cases-you-should-know-about 5 Bitcoin Fraud Cases You Should Know About] (Aug 14)

[https://vocal.media/theChain/cryptocurrencies-that-were-proven-to-be-scams Cryptocurrencies That Were Proven to Be Scams | The Chain] (Jan 16)