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Author Topic: History - Bitcoin Savings and Trust and Pirateat40 on Bitcointalk (PONZI)  (Read 125 times)
xtraelv
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June 13, 2018, 10:14:44 AM
Merited by suchmoon (5)
 #1

Trendon Shavers (known as Pirateat40 or simply Pirate) was the operator of the largest ponzi scam (in bitcoin amount scammed) in bitcoin history:



Pirateat40 operated a ponzi scheme which initially promised a guaranteed a daily profit of 1%, and then disappeared with an unknown amount of bitcoins in August 2012. Thoughts were that the amount was about 500,000 bitcoins (US $5 million at the time).

These amounts were soon quashed once investigators realized a large hoard of coins found in their analysis did not belong to Pirate, but instead to a black market website with which Pirate used to mix his funds to hide the actual amounts he had held/stolen.
Source: https://en.bitcoin.it/wiki/Trendon_Shavers

August 22, 2011, Howdy... pirateat40 here, long time watcher first time poster.  Those that know me, know me from OTC. Arrrrgh
Pirateat40 makes his first post on Bitcointalk
https://bitcointalk.org/index.php?topic=15672.msg472876#msg472876
   
October 17, 2011,(Auction) More Cards Available (5970, 2x6970, 1x6950) CLOSED
Initially pirate was trading GPUs for bitcoin and was a trusted member of the bitcointalk community - even reporting scammers

https://bitcointalk.org/index.php?topic=48692.0
https://bitcointalk.org/index.php?topic=51217.0 (reporting a scammer)


November 03, 2011, Bitcoin Savings and Trust on http://btclending.com/
https://bitcointalk.org/index.php?topic=50822.msg607752#msg607752
(Origional post was edited later by pirate)




July 05, 2012, I believe theses quotes should now kill BS&T.
Vandroiy repeatedly warned user that  Bitcoin Savings and Trust is a Ponzi and writes a detailed post with accusations.
https://bitcointalk.org/index.php?topic=91655.0






July 05, 2012,  organofcorti suggests a method to settle the division of opinions.
Pro Pirate Bond: Coins invested in the Pro Pirate Bond are invested with Pirate, at whatever the current rate is. Any interest obtained will be moved to an escrow service.
Pirate Default Bond: Coins invested in the Pirate Default Bond do not increase in value.

https://bitcointalk.org/index.php?topic=91661.0

July 05, 2012, I know what Pirate's doing
Several members stick up for pirateat40
https://bitcointalk.org/index.php?topic=91670.0

July 06, 2012 Putting your money where Pirate's mouth is.
Vandroiy and pirateat40 have a 5000 btc wager escrowed by nanotube
5000 BTC Wager that pirate will default by October 2013
10100 BTC put into escrow with nano

https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589



July 10, 2012, Other People getting PMs from Vandroiy Discouraging Investment in BS&T?
https://bitcointalk.org/index.php?topic=92556.0

July 10, 2012, How much BTC have you lost out on because you listened to Vandroiy?
https://bitcointalk.org/index.php?topic=92581.0

July 24, 2012,Choose: Walk The Plank or Keelhaul
Pirateat40 attempts to get Vandroiy to concede a month prior to closing down the site.
https://bitcointalk.org/index.php?topic=95008.0


July 27, 2012, A risk/reward analysis of insured pirate: YARR, PPT.X, GIPPT, Hashking, Goat
Discusion of various “default bonds” issued.
https://bitcointalk.org/index.php?topic=96092.0

August 17, 2012 (See edit) Pirate closes  Bitcoin Savings and Trust
https://bitcointalk.org/index.php?topic=50822.0
https://bitcointalk.org/index.php?topic=101339.0




August 19, 2012,[TROLL] I'm giving 100% ROI away to anyone who thinks pirate is a fraud
Worlds most expensive troll prank gone wrong by Matthew N. Wright.
It ends up costing him dearly, loses friends over it and then disappears.

https://bitcointalk.org/index.php?topic=101751.0 (The prank)
This was a horrible childish prank that made me look bad and I have no excuse, just that I won't do anything like this again.

I have settled with mostly everyone who bet in this troll thread and it sucks having this be one of the things I'm remembered for, but I won't let it happen again.
https://bitcointalk.org/index.php?topic=140654 (The compensation thread)

August 29, 2012 Figuring out how much was invested with pirateat40
https://bitcointalk.org/index.php?topic=104258.msg%msg_id%

August 30, 2012 Vitalik Buterin wrote an article about it at the time.

https://bitcoinmagazine.com/articles/the-pirate-saga-and-so-it-ends/

September 12, 2012, Trendon Shavers - Family Contact made
https://bitcointalk.org/index.php?topic=109126.0

February 15, 2013 Trendon Shavers - Doxed by debt coillector tldoctor
https://bitcointalk.org/index.php?topic=144321.0

   
July 23, 2013,  pirateat40 alias Bitcoin savings and trusts, trendon shavers BUSTED
The SEC alleges that Trendon T. Shavers, the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments, raising at least 700,000 Btc, or about $4.5 million at the time of the alleged take. That's about $63 million at today's price
https://bitcointalk.org/index.php?topic=261243.0
https://bitcointalk.org/index.php?topic=261234.0



August 19, 2013 德国将比特币归为“货币单位” 全球首个认可其合法地位
The news of his court case was reported worldwide.
https://bitcointalk.org/index.php?topic=278385.0

March 27, 2016, Inducted into Gleb Gamows Piece of Shit Bitcoiners et al. Hall of Fame
https://bitcointalk.org/index.php?topic=1414944.0;all



July 28, 2016, [2016-07-28] deepdotweb.com Trendon Shavers gets 18 months sentence
https://bitcointalk.org/index.php?topic=1568360.0


Shavers pleaded not guilty to fraud charges in March 2015 but reversed his decision later that year.

The Ponzi scheme had collected money from at least 100 investors. More that 146,000 bitcoins were collected. (worth $807,380 at the time)
Other reports suggest 764,000 bitcoin total.
Shavers admitted that he “royally messed up” and “I don’t think this is something I’m ever going to get over,”


Full plea deal can be seen here:
Plea agreement (External link)


This is a work in progress, corrections and additions are welcome. Will be edited if more information becomes available.


We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
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xtraelv
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June 20, 2018, 07:10:25 AM
 #2

Anyone know what happened to Trendon Shavers ?
 

He got 18 months in 2016 so must be out by now.

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
xtraelv
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June 29, 2018, 01:27:05 AM
 #3

https://bitcointalk.org/index.php?topic=4432338.0
https://bitcointalk.org/index.php?topic=4425909.0

Quite a lot of VIPs lost substantial funds due to this ponzi - some even became considered scammers because of their defaults on loans:

Matthew N. Wright https://bitcointalk.org/index.php?action=profile;u=24749
PatrickHarnett https://bitcointalk.org/index.php?action=profile;u=26841
Goat - El Cabron  - https://bitcointalk.org/index.php?action=profile;u=44233

We are surrounded by legends on this forum. Phenomenal successes and catastrophic failures. Then there are the scams. This forum is a digital museum.  
* The most iconic historic bitcointalk threads.* Satoshi * Cypherpunks*MtGox*Bitcointalk hacks*pHiShInG* Silk Road*Pirateat40*Knightmb*Miner shams*Forum scandals*BBCode*
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