US court orders MyBigCoin founder to pay $7.6 million in damages for alleged cryptocurrency fraud

The US District Court for the District of Massachusetts has indicted Randall Crater, founder of My Big Coin, on charges of cryptocurrency fraud.
According to Cointelegraph, on the 11th (local time), the Commodity Futures Trading Commission (CFTC) ordered 1
On the 0th, the Massachusetts District Court announced that it had entered a consent decree ordering him to pay $7.6 million in restitution to the victims.
The order prohibits him from trading on any CFTC-regulated market and from engaging in any digital asset product-related transactions or registering with the CFTC.
On January 31, 2023, the Massachusetts U.S. Attorney's Office announced that he was sentenced to more than eight years in prison after a federal jury convicted him in July 2022.
He was indicted on eight charges, including four counts of wire fraud, three counts of unlawful financial transactions, and one count of operating an unlicensed financial transmission business. According to the indictment in the MyBigCoin fraud case, he
From 2015 until around 2017, he operated a fictitious digital asset company called My Big Coin Pay, Inc., which defrauded investors.
He and his accomplices falsely claimed that the cryptocurrencies in question were backed by gold and could be converted into fiat currency and other cryptocurrencies.
Through these fraudulent schemes, he defrauded investors out of more than $7.5 million. He used the funds for his personal purposes, buying homes, cars, art, antiques and jewelry.
It was revealed that they purchased