The recent ruling by the Commodity Futures Trading Commission (CFTC) regarding My Big Coin has brought attention to issues of fraud in digital assets.
Fines and Responsibilities of Operators
In an order dated June 2, 2025, the CFTC ruled that the named operators of My Big Coin must pay $25.8 million in fines. Mark Gillilespie from Michigan and John Roche from California are required to jointly pay a civil monetary penalty of $19,326,324 and $6,442,108 in restitution to defrauded victims.
My Big Coin Fraud Scheme
From 2014 to 2017, Gillilespie, My Big Coin Pay Inc., My Big Coin Inc., and Roche, along with Randall Carter, operated a digital asset scheme in which they fraudulently offered the sale of a fully functioning virtual currency, My Big Coin, defrauding investors of over $6 million. My Big Coin was based in Las Vegas and promoted a fake cryptocurrency, claiming it was backed by gold and oil and asserted a partnership with MasterCard.
Increase in Crypto Fraud Losses in 2025
According to data from the Federal Trade Commission (FTC), crypto scam losses reached $472 million in the first quarter of 2025, a significant increase from $336 million in the same period of 2024. Ponzi schemes accounted for a substantial portion, resulting in losses of $279 million. Data from the FTC and SEC indicate a growing problem as fraudsters find it increasingly easy to commit crimes amid insufficient regulatory response.
The landscape of fraud in the cryptocurrency sector continues to be alarming, and recent CFTC actions underline the importance of addressing such schemes.
