‘My Big Coin’ founder’s appeal for a new trial was dismissed
Key Takeaways
- An appeals court sentenced Randall Crater to more than eight years in prison for fraud in the “My Big Coin” case.
- The judges rejected Crater’s defense argument that his Sixth Amendment rights were violated.
- Crater’s fraudulent scheme resulted in investors suffering financial losses of more than $7.6 million.
The appellate court Randall Crater’s conviction was confirmed. The mind behind the disappeared cryptocurrency business ‘My Big Coin’.
This decision hardened his heart. Imprisonment of more than 8 years In federal prison.
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Crater’s defense attempted to: We appeal the sentence, arguing as follows: His Your Sixth Amendment rights have been violated. Because the court didn’t Compel the attendance of witnesses who you believe will be advantageous in your defense.
The legal team also objected to including testimony from cryptocurrency expert Pamela Cregg, whom the legal team deemed unqualified.
However, the appellate panel Judges Gustavo Gelpí, Jeffrey Howard, and Julie Rikelman; nothing was found The defense’s argument is sufficient. Guarantees a reversal of the decision. therefore, Appeal denied.
He was found guilty of four counts of wire fraud, three counts of money laundering and one count of ‘operating an unlicensed money transfer business.’
Crater’s business, which began in 2013, is essentially fraud scheme Because of this Victims lost more than $7.6 million.
He lured investors by promising that all cryptocurrencies in ‘My Big Coin’ would be backed by gold. But in reality The money was misappropriated for Crater’s personal benefit.
The court’s decision to uphold Randall Crater’s conviction demonstrates ongoing efforts to root out fraud in the cryptocurrency industry.
Another prominent legal battle in the cryptocurrency space involves Dodo Kwon, co-founder of Terraform Labs. The most recent update on the case is that he is expected to be extradited to the United States.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis comparing the differences between Western capitalism in the United States and forms of collective capitalism in Japan from 1945 to 2020.
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