Bitcoin Fraudster Receives 18-Month Prison Time

Bitcoin Fraudster Receives 18-Month Prison Time

Trendon Shavers, the person convicted of operating a Bitcoin Ponzi scheme through Bitcoin Savings & Trust receives 18 month prison sentence. The person behind the first ever Bitcoin securities fraud in the United States is going to spend the next 18 months in prison. Trendon Shavers, the founder of Bitcoin Savings and Trust, a proven ponzi company, was convicted for luring people into investing 764,000 bitcoins (~$4.5 million at the time of investment) with the promise of 7% weekly returns. He later disappeared with the raised sum, reportedly spending it to pay early investors, and for....


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Quotes

Yes, [we will not find a solution to political problems in cryptography,] but we can win a major battle in the arms race and gain a new territory of freedom for several years. Governments are good at cutting off the heads of a centrally controlled network like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own.

Satoshi Nakamoto, Bitcoin Developer