Accused Bitcoin Ponzi Operator Trendon Shavers Pleads Not Guilty
The accused operator of the first high profile Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Ponzi scheme, Trendon Shavers, has pleaded not guilty. Arrested last November, he faced up to 40 years in prison, plus fines.
Operating under the alias "pirateat40” in the online forum where he recruited investors, his Texas-based Bitcoin Savings and Trust amassed 764,000 bitcoins. The funds under his care, at the time, comprised a significant proportion of the entire float of bitcoins. He disappeared from the public eye in August 2012 and is accused of transferring 150,649 BTC to a MtGox trading account and misappropriating over $600,000 worth for personal use.
According to court documents, U.S. Attorney Preet Bharara charged, "Trendon Shavers managed to combine financial and cyber fraud into a Bitcoin Ponzi scheme that offered absurdly high interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , and ultimately cheated his investors out of their Bitcoin investments. This case, the first of its kind, should serve as a warning to those looking to make a quick buck with unsecured currency.”
From 2011 to 2012, he allegedly promised investors a return of 7% weekly, claiming an ability to exploit some form of arbitrage in the bitcoin markets. He also claimed involvement with hedge funds to convince investors of his trustworthiness. At least 48 out of 100 lost part or all of their holdings, according to charges.
Last September, he was fined by the Securities and Exchange Commission (SEC) more than $40 million for the alleged scheme.
The accused operator of the first high profile Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Ponzi scheme, Trendon Shavers, has pleaded not guilty. Arrested last November, he faced up to 40 years in prison, plus fines.
Operating under the alias "pirateat40” in the online forum where he recruited investors, his Texas-based Bitcoin Savings and Trust amassed 764,000 bitcoins. The funds under his care, at the time, comprised a significant proportion of the entire float of bitcoins. He disappeared from the public eye in August 2012 and is accused of transferring 150,649 BTC to a MtGox trading account and misappropriating over $600,000 worth for personal use.
According to court documents, U.S. Attorney Preet Bharara charged, "Trendon Shavers managed to combine financial and cyber fraud into a Bitcoin Ponzi scheme that offered absurdly high interest Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl , and ultimately cheated his investors out of their Bitcoin investments. This case, the first of its kind, should serve as a warning to those looking to make a quick buck with unsecured currency.”
From 2011 to 2012, he allegedly promised investors a return of 7% weekly, claiming an ability to exploit some form of arbitrage in the bitcoin markets. He also claimed involvement with hedge funds to convince investors of his trustworthiness. At least 48 out of 100 lost part or all of their holdings, according to charges.
Last September, he was fined by the Securities and Exchange Commission (SEC) more than $40 million for the alleged scheme.