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ID:

bitcoin-savings-and-trust-829

Date:

Status:

Incident Count:

August 29, 2012

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

5,300,000

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Recovered:

-

Rewards:

Currency:

USD, BTC

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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Days in Operation:

0

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Between September 2011 and September 2012, Shavers’ Bitcoin Savings & Trust (BTCST) allegedly raised 764,000 bitcoins, worth roughly $4.5 million at the time (and over half a billion USD at current Bitcoin exchange rates), from clients that trusted him to invest the funds for them. These investors were promised returns of 7% per week, or 3,641% per year, claiming to employ market arbitrage strategies. In 2014 Shavers was arrested for running a bitcoin-related Ponzi scheme and was ordered to pay $40.7 million in fines and sentenced to one and half years in prison.

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