A man recently pleaded guilty in the first US criminal fraud case related tornbitcoin. Trendon Shavers (33), operated a Ponzi scheme using the virtualrncurrency bitcoin after starting his own company, Bitcoin Savings & Trust,rnin 2011. He used it to collect bitcoins from prospective investors over therninternet, claiming he would pay investors 1% interest on their investmentrnevery three days, or 7% a week. Instead, Shavers used most of thernbitcoins to pay back older investors while spending the rest on himself.
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