And how is he going to pay that $40 million? From a secret treasure chest?
To me it seems that public authorities try to distinguish themselves as good guys doing consumer protection in Bitcoin's wild West, legitimizing further Bitcoin "regulation".
I think in hindsight it was an obvious ponzi and I don't know how it was possible that it grew to such proportions. I think it's a good lesson for everyone not to be blinded by greed.
ya.ya.yo!
Topic: Pirate@40 fined $40 million dollars - page 2. (Read 2971 times)
I don't think the victims will see a penny
That depends, does the court appoint a receivership yet?If it has , chances are the victims can get some of their monies back if they file claims.In the ASD ponzi case , all the victim that filed claim with the receivership got back 100% of their money back And the Zeek reward receivership is set up to give favourable returns to the victims( judging by the clawback infos).
Good for him!
One episode ends, with another beginning with the US Marshals closing down BFL today.
Proof?
I don't have any proof CoinHoarder but I have heard this news from 2 others today as well. If someone has info link it
Edit:
This might be of some Help:
https://bitcointalksearch.org/topic/m.8891220
Still haven't read through it yet.
No worries. I ended up finding that thread. I hope it's true, BFL are crooks.
Why was this person targeted? From the CoinDesk article I thought he was like selling to little old ladies or something, but it looks like he was doing it on here. Was a class action set up of BTC Talk members?
It's a LONG story. The forum is fill with threads. Search "Trendon Shavers" "pirate@40" It will go down in history as one of the great bitcoin scams.
I don't think the victims will see a penny
That depends, does the court appoint a receivership yet?If it has , chances are the victims can get some of their monies back if they file claims.In the ASD ponzi case , all the victim that filed claim with the receivership got back 100% of their money back And the Zeek reward receivership is set up to give favourable returns to the victims( judging by the clawback infos).
bad for us 
bad for the BTC community
bad for the BTC community I don't get it
.I thought you guys would be happy that somebody that has been scamming the bitcoin community is getting his just desserts.
I don't think the victims will see a penny
One episode ends, with another beginning with the US Marshals closing down BFL today.
Proof?
I don't have any proof CoinHoarder but I have heard this news from 2 others today as well. If someone has info link it
Edit:
This might be of some Help:
https://bitcointalksearch.org/topic/m.8891220
Still haven't read through it yet.
$40 million is a pretty hefty amount for sure. Pirateat40 was before my time in Bitcoin, but I've read a lot about it. The crazy thing is he made it a Long time with payouts continuing for a Ponzi and even had a few trusted members on here vouching for him didn't he? All I can say is if he does have to pay for the rest of his life, I hope most of it goes to the people he ended up stealing from. Although sadly this money will probably just be swallowed up by the govt. 
Also about the price crashing being him dumping his coins- my guess is if he had any money in BTC left, that'd he want to keep it in cryptos, if you know what I'm saying. That would allow him to earn and spend money without chunks of it being automatically taken for his debt.
Also about the price crashing being him dumping his coins- my guess is if he had any money in BTC left, that'd he want to keep it in cryptos, if you know what I'm saying. That would allow him to earn and spend money without chunks of it being automatically taken for his debt.
Might as well been a billion dollars. He doesn't have a dime to his name.. So, its something that he will owe for the rest of his life..
One episode ends, with another beginning with the US Marshals closing down BFL today.
Proof?
bad for us bad for the BTC community
bad for the BTC community
What if the crash is pirate@40 selling off coins he still has to pay the judgement?
There were two defendants in the case iirc: BTCST and Trendon Shavers.
Surprised there isn't a thread on this yet:
http://www.reuters.com/article/2014/09/19/us-sec-bitcoin-fraud-idUSKBN0HE1Z820140919
Discuss...
http://www.reuters.com/article/2014/09/19/us-sec-bitcoin-fraud-idUSKBN0HE1Z820140919
Discuss...
Quote
Mazzant held Shavers and his company liable to give up $38.6 million of illegal profits plus $1.8 million in interest. Each defendant was also fined $150,000.
I give! What other defendants?
https://bitcointalksearch.org/topic/gpumax-the-bitcoin-mining-marketplace-55819
Quote
Fully Supported Pools
Deepbit
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Deepbit
BTCGuild
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BitMinter
50BTC
Bitlc
MaxBTC
One episode ends, with another beginning with the US Marshals closing down BFL today.
Anybody have a link to the court ruling doc?
Is it final?
Surprised there isn't a thread on this yet:
http://www.reuters.com/article/2014/09/19/us-sec-bitcoin-fraud-idUSKBN0HE1Z820140919
Discuss...
http://www.reuters.com/article/2014/09/19/us-sec-bitcoin-fraud-idUSKBN0HE1Z820140919
Discuss...
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