back to article Surprise, surprise, yet another cryptocurrency creator collared, hit with $6 million fraud rap

The founder of now-dead cryptocurrency My Big Coin has been arrested and charged with seven counts of fraud and unlawful money transfers for what is allegedly an extraordinarily blatant scam, even in the shady world of cyber-cash schemes. Randall Crater was nabbed in Florida on Wednesday for his part in persuading investors …

  1. Doctor Syntax Silver badge

    Caveat emptor

    You have to wonder about the motivation of those who buy into something like this. Greed, presumably.

    And can we be sure Randall Crater isn't simply a lunar feature?

    1. LDS Silver badge

      Re: Caveat emptor

      They read somewhere something about "Bretton Woods" and the "gold standard" - and they thought it was a good idea to trust the first passing by with a proposal alike...

      Anyway it looks cryptocurrency are mostly a way to get real money away from the gullible type...

  2. Mike Moyle Silver badge
    Coat

    But who among us could possibly...

    ...Judge Crater?

    1. Mark 85 Silver badge

      Re: But who among us could possibly...

      But who among us could possibly...

      ...Judge Crater?

      The one who's missing, of course.

  3. Anonymous Coward
    Anonymous Coward

    Greedy or Stupid !!!

    Who invests 100's of Thousands in a Cryptocurrency that no-one has heard of and believes 'Promo Crap' from the company *without* checking it elsewhere !!!

    Pure Greed or Stupidity that is off the scale !!!

    The real crook is the one who sold this scam to the investors ...... the front man with all the convincing spiel :(

    Not sure how this was supposed to end as all ponzi schemes die when the money starts to 'dry up' and unhappy customers start spreading the word that it is all a con.

    1. JimboSmith Silver badge

      Re: Greedy or Stupid !!!

      One born every minute..........

      1. GnuTzu Silver badge

        Re: Greedy or Stupid !!! -- Population Growth

        One born every second--allowing for population growth.

    2. ds6 Bronze badge

      Greedy and Stupid

      ...and so, as the once-rich slob is hauled away in the back of a paddywagon, glinting gold jewelry jingling and clattering 'round his sweaty neck, he stops staring into the polished reflections and garish frivolity of his accoutrements for one slight moment to jump up in his confines and shout out at the top of his lungs, loud enough for anyone to hear in a ten block radius, even through the thick metal of the armored van as it rumbles out of earshot...

      BIIIIIIIIIITCONEEEEEEEEEEEEEEEEEEEEEEEEEEEEeeeeeeee...

    3. Doctor Syntax Silver badge

      Re: Greedy or Stupid !!!

      "all ponzi schemes die"

      Shhh. All UK state pensions and at least some public centre pension schemes are Ponzi schemes. So, to some extent are large schemes which do have investments, ever since IR/HMRC took a short term view of overfunding and the Brown clown's attempts at managing the economy.

      1. Kurgan

        Re: Greedy or Stupid !!!

        I believe quite every pension system is basically a Ponzi scheme. Here in Italy, too. Both state and private, of course. Issue is, you cannot opt out of state pension system.

  4. Anonymous Coward
    Anonymous Coward

    quite ironic

    Crater used money from people who believed they were buying crypto coins ... to purchase real antic coins.

    Very funny :)

  5. BebopWeBop Silver badge

    People ask about the motivation for investors. I can't help reflecting that it all comes down to the quick buck and move on mentality. We see it in the slightly longer term in speculative investments in pseudo medical tech businesses recently (remember her and her clueless board members?) but the wary do remember the adage 'no such thing as a free lunch' - if the returns look ridiculously high then chances are they will not be sustained. After all smart investors would have done it before Joe 'money to burn but clueless' Public got involved.

    I did make a modest sum of money out of BitCoin - but that was purely because I was intrigued when it was released and spent some idle moments with a GPU at home to mine some chap currency. No intention to use it as a speculative investment, just dumb luck that others did and I decided to cash out (and find out where I had left the keys some years before - backups and archives yore friend)

  6. Mahhn

    One to many "i"s

    Just one typo away from being honest:

    My Big Coin Vs My Big Con

  7. AmenFromMars

    All that glisters...

    That is all

  8. Hugh Jass.
    Facepalm

    A fool and his new money...

    ...are soon parted.

  9. Roq D. Kasba

    ICO's

    A friend wouldn't listen to sense about the *amazing opportunity* he was being offered to get in on an Initial Coin Offering for (yetanothergenericstringofnumbers). I pointed out that he didn't understand the investment or the product or blockchains or trading or even the people punting the opportunity... and he *still* went ahead.

    You can't save people from themselves sometimes.

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