Government Shuts Door On Bitcoin Ponzi Scheme

Government officials have slammed the door on a Bitcoin ponzi scheme that promised investors a return of 7 percent per week, but it is unclear if the guilty party has the ability to pay the combined $40.7 million fine. Trendon Shavers intentionally operated a Bitcoin ponzi scheme U.S. Magistrate Judge Amos Mazzant in Texas found that Trendon Shavers “knowingly and intentionally” operated his company “as a sham and a Ponzi scheme,” according to a Reuters report. Mazzant’s Thursday decision concluded Shavers mislead investors about how their investment capital would be used, how he would generate the promised weekly returns and the related…