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Bitcoin Ponzi scheme operator ordered to pay over $40 million

20
Sep
2014

The operator of a Bitcoin Ponzi scheme has been ordered to pay back over $40 million in profits and interest gained from investors money. The operator, Trendon Shavers, ran the scheme through his company Bitcoin Savings Trust for at least a year and a half between 2011 and 2012. In 2012, when he shut down the company, investors began to revolt, and about a year later he was charged by the SEC with having taken bitcoins that were worth $4.5 million at the time of investment.

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