Randall Crater, founder of the cryptocurrency company My Big Coin, was convicted of multiple charges including wire fraud for a crypto scheme in which he stole more than $6 million from investors. Crater falsely marketed his business, which he operated between 2014 and 2017, as operating “a fully functioning cryptocurrency backed by $300 million in gold, oil and other valuable assets”, which he fraudulently stated was partnered with MasterCard. According to the U.S. Attorney’s Office, Crater used the $6 million in stolen funds “for his own personal gain and spending on goods, including hundreds of thousands of dollars’ worth of expenses on antiques, artwork and jewelry”.