Cryptocurrency fraud scheme lands man 8 years in prison

BOSTON (AP) — The founder of a cryptocurrency and virtual payment services company who authorities say cheated dozens of investors and customers out of about $7.5 million has been sentenced to more than eight years in prison. My Big Coin Inc. founder Randall Crater was sentenced in federal court in Boston on Tuesday. Prosecutors say he falsely told investors that the coins were a fully functioning cryptocurrency backed by gold. Crater was convicted in July of wire fraud, unlawful monetary transactions, and operating an unlicensed money transmitting business.