Crypto Co. Owner Duped Backers With Golden Lies, Jury Told

By Chris Villani (July 13, 2022, 2:00 PM EDT) — A Boston jury on Wednesday heard that the owner of a defunct cryptocurrency business stole millions of dollars from investors by falsely telling them his virtual currency was backed by gold, while his lawyer argued that investors knew they were sinking cash into a risky startup.

The trial of Randall Crater, who owned My Big Coin Pay Inc., featured opening statements with dueling narratives. Assistant U.S. Attorney Christopher Markham told the jury that Crater lied for years about his business in order to trick investors into parting with their money.

Crater said his virtual currency was backed by $300 million in…

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