Assets, Bitcoin

Who Went to Jail for Bitcoin?

In March 2014, Trendon T. Shavers was arrested and charged with running a Ponzi scheme with Bitcoin. Shavers allegedly ran a Bitcoin-based investment scheme called “Bitcoin Savings and Trust” (BTCST), which promised investors up to 7% weekly interest. However, instead of investing the money, Shavers simply used new investor funds to pay back old investors, in a classic Ponzi scheme.

In total, Shavers is alleged to have defrauded investors out of over $4.5 million worth of Bitcoin. .

NOTE: WARNING: Be cautious of any activity related to Bitcoin that could potentially lead to criminal charges. While Bitcoin is legal to use, it is important to be aware that certain activities, like money laundering and fraud, can result in criminal charges. Those who violate the law can face fines, imprisonment or both. Therefore, it is important to understand the laws and regulations surrounding Bitcoin before engaging in any activities related to it.

Shavers was indicted on one count of securities fraud and one count of wire fraud. He pleaded guilty to the charges in September 2014 and was sentenced to 18 months in prison in February 2015.

So far, Shavers is the only person who has been arrested and charged with a crime related to Bitcoin. However, this is likely because Bitcoin is still a relatively new phenomenon and not many people are aware of it or understand how it works.

As more people become interested in Bitcoin and invest in it, we may see more cases of fraud and other crimes related to the digital currency.

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