back to article Texan hotshot coughs to $4.5 million Bitcoin Ponzi scheme

The owner of Bitcoin Savings and Trust (BTCS&T) has admitted running a Ponzi scheme that defrauded people of millions of dollars in the crypto-currency. Texas resident Trendon Shavers, 33, has, in a deal with prosecutors, pleaded guilty to one count of securities fraud in a Manhattan federal court. He was cuffed and charged in …

  1. Your alien overlord - fear me

    Not a bad investment if he'd held on $4.5 to $60 mil in 2 years.

    Now, can I interest any el Reg dealers in this once in a life time oppertunity....

  2. Roq D. Kasba

    Silly sausage - running a Ponzi to fleece the greedy is all well and good, but only taking $165k out of it? That's probably what tripped him up - greedy people could tell he wasn't a real banker as he wasn't nearly greedy enough himself.

  3. Anonymous Coward
    Anonymous Coward

    I predict

    One day, the term "ponzi" will be superseded with the term "coined" or some other variant based on "Bitcoin".

    Looks like you've been coined, mate! [similar to conned]

  4. Bc1609

    Is it Worstall...

    ...who likes to comment on Bitcoin showcasing all the old scams and frauds, but compressed into a very small time frame? One of the Reg regulars, but I forget who.

    1. Pascal Monett Silver badge

      Indeed, I remember reading that not long ago as well.

      It sure seems to be true.

    2. Michael Wojcik Silver badge

      Re: Is it Worstall...

      Cryptocurrency fraud is webscale!

  5. Mike Moyle

    A fool and his money-like database object...

  6. Jonathan Richards 1

    BTC maths

    Hmm. Feds calculate annualized rate as 3,641% p.a., but 1.01^365 is 37.78. You get close to 36.41 with 1.01^362. I deduce that BTCST had some built-in bank holidays!

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