25 Jul '13, 3am

"Man charged for running $4.5 million Bitcoin Ponzi scheme"

Some promises are too good to be true. The Securities and Exchange Commission has charged a Texas man with operating an illegal Ponzi scheme using the virtual currency Bitcoin in place of dollars. Trendon T. Shavers took in 700,000 Bitcoins from investors, the SEC alleges, through his unregistered fund Bitcoin Savings & Trust while operating with the ironic alias "pirateat40." The Bitcoins were worth $4.5 million at the time but would be worth $60 million on the market today due to the virtual currency's appreciation.

Full article: http://www.theverge.com/2013/7/24/4553186/man-charged-for...

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