The US District Court for the District of Massachusetts has ordered Randall Crater, the founder of 'My Big Coin,' to pay $7.6 million in restitution to victims of a crypto fraud scheme. This consent order, issued on February 10, 2025, follows Crater's conviction in July 2022 on multiple counts of wire fraud and other charges. Between 2014 and 2017, he and other individuals deceived investors by soliciting funds for a digital currency that was falsely advertised as being backed by gold and capable of being converted to fiat currency. Crater raised over $7.5 million, which he misappropriated for personal purchases, including real estate and luxury items. The FBI highlighted a 45% increase in losses related to cryptocurrency fraud, with extensive complaints about investment scams in 2023. The Federal Trade Commission provides guidelines to avoid such scams, advising individuals to be wary of promises of guaranteed profits or requests for payment exclusively in cryptocurrency.

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