The Currency Analytics
By Steven Anderson
Randall Crater, the founder of My Big Coin Pay Inc, has been charged for indictment in the District of Massachusetts for wire fraud and unlawful monetary transactions.
The allegations of the indictment are that between the year 2014 and 2017, Crater along with others created a fraudulent virtual currency known as "My Big Coins" or "Coins.
They have further claimed that these cryptocurrencies were backed by gold and that they are fully functioning.
More than $6 million of investor funds have been misappropriated for personal use, which included the purchase of jewelry, antiques, artwork, etc.
A Landmark Ruling by Judge Rya W. Zobel of Massachusetts District Court ruled that “Virtual Currencies are commodities under CEA stating, "all goods, articles, services rights…
Similarly, in India, the local police are busting several scam ICOs in India.
Bitstrades has been offering fraudulent Initial Coin Offering (ICO), and the Criminal Investigation Authorities of Gujarat, a state in India have booked five people for the…
Hardik Zadafiya, the founder of Bitstrades, has been arrested for charges framed under cheating and criminal breach of trust per the Indian Penal Code (IPC).
The investigating officer stated, “The majority investors that money in the racket is yet to come forward. We hope following the registration of the complaint.
These scams are indicative of how due diligence is lacking in the cryptocurrency industry. However, reputed companies and exchanges are doing the needful to protect their…