23 Jul '13, 7pm

Texas man charged with running a Bitcoin ponzi scheme duped investors: "It's growing, it's growing!"

Texas man charged with running a Bitcoin ponzi scheme duped investors: "It's growing, it's growing!"

The SEC alleges that Shavers promised investors up to 7 percent weekly interest based on BTCST’s Bitcoin market arbitrage activity, which supposedly included selling to individuals who wished to buy Bitcoin “off the radar” in quick fashion or large quantities. In reality, BTCST was a sham and a Ponzi scheme in which Shavers used Bitcoin from new investors to make purported interest payments and cover investor withdrawals on outstanding BTCST investments. Shavers also diverted investors’ Bitcoin for day trading in his account on a Bitcoin currency exchange, and exchanged investors’ Bitcoin for U.S. dollars to pay his personal expenses.

Full article: http://gawker.com/bitcoin-ponzi-schemer-duped-investors-i...

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