23 Jul '13, 8pm

Bitcoin used in Ponzi scheme, SEC says

The Securities and Exchange Commission today filed its first investor fraud lawsuit involving the popular virtual currency Bitcoin, claiming it was used to promote a Ponzi scheme. The agency also issued a warning to investors about the potential for Ponzi schemes involving Bitcoin and other kinds of virtual tender. The SEC alleges that Trendon T. Shavers, founder and owner of Bitcoin Savings and Trust, duped investors into participating in a bogus Bitcoin-trading operation. Mr. Shavers could not be reached for comment. Advertisement From September 2011 to November 2012, Mr. Shavers raised more than 700,000 BTC from 66 investors, a figure that totaled $4.5 million in cash based on the daily Bitcoin price at the time, according to the SEC. The value of the same number of BTC shares today is $60 million, the SEC said. Bitcoin can be traded online for traditional currency, suc...

Full article: http://www.investmentnews.com/article/20130723/FREE/13072...

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money.cnn.com 23 Jul '13, 7pm

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news.cnet.com 23 Jul '13, 5pm

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news.cnet.com 23 Jul '13, 5pm

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rt.com 23 Jul '13, 11pm

SEC brings charges as first-ever Bitcoin Ponzi scheme unravels Get short URL Published time: July 23, 2013 23:36 Tags Cour...