Another everyday sort of Bitcoin fraud is when the cryptocurrency is entirely phony. This is precisely what happened with My Big Coin. Around early 2018, investors were deceived into investing roughly $6 million in fake currency. Thankfully, the false money was identified, and the US government punished the perpetrators. Commission on Commodity Futures Trading (CFTC). According to the case facts, the claim was centered on "commodity theft and embezzlement connected to the continued recruitment of users for a digital currency known as My Big Coin (MBC)," according to the case facts. My Big Coin has been alleged of "embezzling more than $6 million from clients by, among many other things, distributing client funds into personal accounts and then using that money for private expenses and the buying of luxury items." Randall Crater, the company's founder, was eventually arrested. The case was among the first in American history, asserting that Bitcoin can be classified as commodities under the authority of the US derivatives regulator.