"Pirate@40" Arrested for Bitcoin Ponzi Scam
Charles Ponzi. Trendon Shavers, aka "Pirate@40," was arrested this morning on securities fraud and wire fraud charges stemming from his involvement in a Bitcoin-related Ponzi scheme. A Ponzi scheme is a fraudulent investment operation where the operator pays returns to its investors from new capital paid by new investors, rather than from profit earned. The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920. Shavers was the founder and operator of Bitcoin Savings and Trust (BCS&T), which offered and sold Bitcoin-based investments through the Internet.....
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The Public Prosecutor’s Office of the Argentine city of Córdoba has indicted 12 people in connection with the Onecoin Ponzi scheme. Eight of them have been arrested. Onecoin Scammers Arrested The Public Prosecutor’s Office for Complex Crimes of the Argentine city of Córdoba ordered the arrest of 12 people linked to the Onecoin Ponzi scam on Thursday, several local news outlets reported. The Bulgaria-based scheme has been described as one of the biggest scams in crypto history, having netted about $4 billion from operations. The Complex Crime Investigation Unit of....
Ponzi scheme: A fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator. Many of the under-informed, the under-educated, and the under-control masses have lobbed this parting shot at Bitcoin over the years. People tend to fear things that they don't understand, and will hide behind that fear with blind attacks that sound right, but are just as ignorant, if not more so. Bitcoin clearly does not fall into the definition of a "Ponzi....
The Hong Kong Police Commercial Crime Bureau (CCB) arrested five suspects that might have been involved in last month's Bitcoin investment fund scam worth $8 million. According to South China Morning Post (SCMP), the arrested individuals include three women, aged somewhere between 48 and 55, and two brothers, both in their late 30s. While the formers were accused to have had promoted the Ponzi company MyCoin, the latter are being scrutinized for collecting money from some of the victims. However, none of the arrested individuals have been charged yet, but are likely to go through a....
An alleged mastermind of a cryptocurrency scam has been arrested in India after he fled the country to Dubai. Investors were duped into investing in a cryptocurrency linked to a crypto exchange he established. The scheme also promised investors a monthly return of 20%-30% on investments. Alleged Kingpin of Crypto Scam Arrested An alleged mastermind of a cryptocurrency scam, Umesh Verma, was arrested at the Indira Gandhi International Airport on Thursday as he arrived from Dubai. Local media reported that he was arrested “on charges of duping at least 45 people to the tune of Rs 2.5....
MyCoin is currently under investigation for running a Ponzi bitcoin scam, and two of its organizers were recently arrested in Taiwan. According to Taipei's Criminal Investigation Bureau, individuals Lu Kuan-wei and Chen Yun-fei were apprehended since they have held a few events for MyCoin. "Chen and Lu held several events for investors convincing each one to spend NT$1.62 million (US$49,600) for 90 BTC and an account with MyCoin's parent company, which would distribute 0.63 of a bitcoin every day for a total value of NT$11,000 (US$337). The investors were told that their investment would....