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Market News

My Big Coin Operators Fined $25.8 Million for Crypto Fraud

Written By Pari Shukla Pari Shukla
Fact Checked by Dhara Chavda Dhara Chavda
Published 2025-06-13
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Last updated: June 13, 2025 6:21 PM
Published 2025-06-13
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Last updated: June 13, 2025 6:21 PM
Published 2025-06-13
My Big Coin Operators Fined $25.8 Million for Crypto Fraud

A court in Massachusetts has ordered the people behind My Big Coin to pay almost $25.8 million as a punishment to the Commodity Futures Trading Commission (CFTC). This decision was made on Wednesday, and the court has ordered My Big Coin Pay, Inc., and My Big Coin, Inc.

The court has also targeted its leaders, Mark Gillespie and John Roche, who are involved in tricking the investors. The court has declared that the fraudsters have to pay $19.32 million as a fine and an extra $6.44 million to give back money to 28 investors they have cheated. 

As per the reports, the scam happened between January 2014 and June 2017. Gillespie, Roche, and another person named Randall Crater lied to people by saying My Big Coin (MBC) was supported by gold and was worth a lot, with good trading opportunities. With their lies, they stole more than $6 million from victims.

As part of the court’s decision, Mark Gillespie, John Roche, and their companies can no longer take part in any market activities overseen by the Commodity Futures Trading Commission (CFTC). The case that was filed against a fourth person, Michael Kruger, was stopped because he passed away. 

The CFTC said that these individuals and companies had tricked people with fake promises about a cryptocurrency, and now they have to pay a big amount to make up for it. Randall Crater was also found guilty in July 2022 of crimes like wire fraud and running an illegal money business. Earlier this year, he was told to pay back $7.6 million to the investors he had cheated. 

In January 2023, he was sent to prison for more than eight years. Even though his lawyers tried to appeal in February 2024, saying his rights were violated, a higher court said no to a new trial. The CFTC has warned that the people who were cheated might not get all their money back because the people who did the scam might not have enough money or property to pay back the debts.

Also Read: Crypto Executives Hail SEC Withdrawing Gensler-Era Proposed Rules

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Pari Shukla - Crypto Journalist at The Crypto Times
By Pari Shukla
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Parmeshwari Shukla is a Content Writer with over 3 years of experience in digital media, including 1 year in crypto news and journalism. She holds a Master’s degree in Mass Communication and a certification in Sports Journalism, bringing versatility and a strong editorial sense to her work.
Dhara Chavda
By Dhara Chavda
Follow:
Dhara Chavda is a Research Analyst at The Crypto Times. She covers U.S. crypto regulation — including the CLARITY Act and GENIUS Act — DeFi security and major protocol exploits, and investigations into crypto fraud and enforcement actions. Her work emphasizes primary sourcing and on-chain verification over secondary commentary. Dhara joined The Crypto Times in 2020 and has followed every major market cycle since — the 2021 bull run, the 2022 Terra and FTX collapses, the 2023 banking turmoil, the 2024 spot Bitcoin ETF launch, and the 2025–2026 regulatory cycle — first assigning and reviewing the desk's coverage, and now writing it herself. Her reporting has been cited by international outlets including TheStreet and Argentina's La Nación. She holds a Bachelor of Engineering in Computer Engineering from Gujarat Technological University (GTU), which informs her technical reporting on on-chain data, smart contract analysis, and protocol architecture.

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