Kieren McCarthy reports:
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 that the digital dosh was backed by real gold coins. Twenty-eight of them handed over a total of $6m – an average of $215,000 – to fund the business, having been told there was a total of $300m in gold behind the operation.
But it was all a scam, US prosecutors claimed this week [PDF]
Read more on The Register.