Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma...

Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million

Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma...

New submitter beltsbear writes "Despite the many people calling it out as a Ponzi scheme from the beginning, Pirateat40 was able to collect millions of dollars worth of Bitcoins from thousands of Bitcoin users. At almost every stage Pirateat40 copied the path of the EVE Online Ponzi scheme except on a much larger scale with a far more liquid take. Now, it has shut down , and investors are wondering where their digital currency went . Quoting: 'He claimed that BS&T was sitting on 500,000 BTC on the day of the shutdown, worth more than $5.6 million USD at today's price of $11.38. "Once my process is released you'll understand more of how coins move around," he told members of the Bitcoin community last week. Pirateat40 initially promised to refund his investors' Bitcoin deposits plus interest within a week, effectively admitting that he did not have the Bitcoins on hand. The...

Full article: http://news.slashdot.org/story/12/08/29/0349226/large-bit...

Tweets

@homework_liker » 29 Aug '12, 10pm
RT @olhnso: haha i missed this somehow, giant bitcoin ponzi scheme rippin idiots off [link]
@olhnso » 29 Aug '12, 8pm
haha i missed this somehow, giant bitcoin ponzi scheme rippin idiots off [link]
@ProtestGreed » 29 Aug '12, 8pm
RT @tbk_consult: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #tbkconsult #news
@mmoyaro » 29 Aug '12, 6pm
Large #Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] /via @slashdot
@Slashlulz » 29 Aug '12, 6pm
Large Bitcoin Ponzi Scheme Collapsez Wif Los ov $5.6 Million [link]
@fs9 » 29 Aug '12, 3pm
Vão-se os anéis, ficam os trouxas RT @slashdot: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]
@Doctor_Rocker » 29 Aug '12, 2pm
“@slashdot Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]” @slazar4 @KidCharlemane
@TBK_Consult » 29 Aug '12, 10am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #tbkconsult #news
@hpbech » 29 Aug '12, 10am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #hpbech #news
@MxoMP » 29 Aug '12, 9am
RT @TheSecondMedia: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]
@tel4rent » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes... [link] #slashdot #tel4rent
@yuanchao » 29 Aug '12, 9am
[/.] Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite t... [link]
@freezingrss » 29 Aug '12, 9am
slashdot: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Desp... [link]
@BizWithIvor » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #business #marketing
@wilkoffnetwork » 29 Aug '12, 9am
[from dajbelshaw] Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million - Slashdot: Large Bitcoin Pon... [link]
@BotTuringTest » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes ... [link] #BotTuringTest
@TheSlashNews » 29 Aug '12, 9am
#Slash : Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despi... [link]
@injvstice » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the many... [link]
@ENBertussi » 29 Aug '12, 9am
Cc @maxkeiser RT @slashdot Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]
@IrishWebGuy » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "De... [link] #technology
@rssnest » 29 Aug '12, 9am
£1,052.60g £19.47s [link] Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million
@Miersma » 29 Aug '12, 9am
@tehprofessor “@slashdot: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]”
@CreativeOctpus » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #apple
@BrianDuPrix » 29 Aug '12, 9am
#security Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]
@mattnfried » 29 Aug '12, 9am
@andrewv do you still have bitcoins? RT @slashdot: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link]
@ielitenoob » 29 Aug '12, 9am
Latest Slash Dot: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitte... [link] #slashdot #tech
@VlGamez » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #videogames #games
@EatThisStory » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear w... [link] #slashdot @amarchugg
@TheGeekDog » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #Tech
@ronrss » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million - Slashdot [link]
@PurifyRS » 29 Aug '12, 9am
News For Nerds Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes ... [link]
@ChezPAX » 29 Aug '12, 9am
Shashdot update: Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear write... [link]
@rustlejames » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@rustlejam » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@pinkalchemy » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million [link] #Tech @slashdot
@SetiawanNews » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@ruckebuckefeeds » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@thocht » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@ITILNews » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@icodenow » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@jirobait » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@BearDown_Devs » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@boinc_united » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@hadopiland » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@malcsilberman » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@iRajneekant » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@AnitaCawala » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@dantes76 » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@LuoFangbo » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]
@ronrss » 29 Aug '12, 9am
Large Bitcoin Ponzi Scheme Collapses With a Loss of $5.6 Million: New submitter beltsbear writes "Despite the ma... [link]