29 Aug '12, 7pm

Bitcoin ponzi scheme – investors lose $5 million USD in online hedge fund

Bitcoin ponzi scheme – investors lose $5 million USD in online hedge fund

The decentralized, digital Bitcoin currency has caught the attention of people around the globe who are unhappy with how national bank mismanagement is impacting the world economy. It has also, apparently, caught the eye of one very clever schemer. An invite-only online hedge fund that promised lucrative returns for investors called the Bitcoin Savings & Trust has shut down, and with it have disappeared the service’s administrator — a user known in the digital currency community as pirateat40 — as well as millions of dollars’ worth of the cryptocash, currently valued at around $11 USD per coin. Pirateat40 claimed that Bitcoin Savings & Trust had collected from investors roughly 500,000 worth of the currency, or around $5.49 million in US dollars, but not before disappearing off the face of the Web. The virtual hedge fund went offline this month following pirateat40’s annou...

Full article: http://rt.com/usa/news/investors-currency-digital-fund-868/

Tweets

Large Bitcoin Ponzi Scheme Collapses With a Los...

news.slashdot.org 29 Aug '12, 11am

"Despite the many people calling it out as a Ponzi scheme from the beginning, Pirateat40 was able to collect millions of d...

Bitcoin Ponzi Scheme Collapses With a Loss of $...

news.hitb.org 29 Aug '12, 3pm

Remember pirateat40, the e-currency banker we speculated could be the Bernie Madoff of Bitcoin? Well, it looks like he owe...

Large Bitcoin Ponzi Scheme Collapses With a Los...

news.slashdot.org 29 Aug '12, 9am

New submitter beltsbear writes "Despite the many people calling it out as a Ponzi scheme from the beginning, Pirateat40 wa...

Large Bitcoin Ponzi Scheme Collapses With a Los...

news.feedzilla.com 29 Aug '12, 9am

Click the close button (above-right) to view the content.

"Pirateat40" Makes Off $5.6M USD in BitCoins From Pyramid Scheme #bitcoin

"Pirateat40" Makes Off $5.6M USD in BitCoins Fr...

dailytech.com 28 Aug '12, 8pm

everyone's favorite quasi-legal internet currency , are still lingering around thanks to strong support from the hacker, f...

Boot up: Windows 8 priced, nickel hoaxing, Andr...

guardian.co.uk 30 Aug '12, 5am

A quick burst of 12 links for you to chew over, as picked by the Technology team Update: Now Microsoft says Windows 8 upgr...

Boot up: Windows 8 priced, nickel hoaxing, Andr...

guardian.co.uk 30 Aug '12, 6am

A quick burst of 12 links for you to chew over, as picked by the Technology team Update: Now Microsoft says Windows 8 upgr...

Boot up: Windows 8 priced, nickel hoaxing, Andr...

guardian.co.uk 30 Aug '12, 5am

A quick burst of 12 links for you to chew over, as picked by the Technology team Update: Now Microsoft says Windows 8 upgr...

Suspected multi-million dollar Bitcoin pyramid scheme shuts down, investors revolt

Suspected multi-million dollar Bitcoin pyramid ...

theverge.com 27 Aug '12, 7pm

Remember pirateat40, the e-currency banker we speculated could be the Bernie Madoff of Bitcoin ? Well, it looks like he ow...

[H]ardOCP News: "Pirateat40" Makes Off $5.6M US...

hardocp.com 29 Aug '12, 8pm

"Pirateat40" Makes Off $5.6M USD in BitCoins If you had a Bitcoin deposit in the National Bank of Pirateat40 , you no long...

Bitcoin ponzi scheme exposed

seeker401.wordpress.com 02 Sep '12, 11pm

” And at the same time the consciousness of being at war, and therefore in danger, makes the handing-over of all power to ...

Bitcoin. It makes accepting online payments so ...

reddit.com 30 Aug '12, 5am

This subreddit accepts links from the reddit.com domain only. All others will be removed on sight. Mercilessly. Comments f...

Boot up: Windows 8 priced, nickel hoaxing, Andr...

guardian.co.uk 30 Aug '12, 5am

A quick burst of 12 links for you to chew over, as picked by the Technology team Update: Now Microsoft says Windows 8 upgr...

The Pirate Saga: And So It Ends #bitcoin #pirat...

bitcoinmagazine.net 30 Aug '12, 12am

The first shock to BST came on August 14, when Pirate lowered the maximum interest rate on his accounts from 7% to 5%4 . W...