The Business Times
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Boss of US bitcoin firm charged with fraud

Prosecutors accuse Texan Trendon Shavers of running a US$4.5m Ponzi scheme

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Published Fri, Nov 7, 2014 · 09:50 PM

    New York

    A TEXAS man who ran a firm that claimed to make virtual currency-based investments was accused of masterminding a US$4.5 million Ponzi scheme in what US prosecutors said was a first-of-its-kind case tied to bitcoins.

    Trendon Shavers, founder of Bitcoin Savings and Trust, raised at least 764,000 bitcoins by promising investors a return of as much as 3,641 per cent, prosecutors said.

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