Summary of news on ‘US man jailed over bitcoin fraud scheme’ Source: BBC A Texan man has been sentenced to 18 months in jail for running a fraudulent Ponzi-style scheme based around the Bitcoin virtual currency The scheme – run by Trendon Shavers – promised high returns to those who backed bitcoin-related investments Instead of investing cash, Shavers used it to pay early investors in the scheme and to amass bitcoins Investors who backed the scheme lost about $1.23m (£940,000) in total, said Shavers’ lawyers He was arrested in 2014 for running the scheme which, at one point, controlled about 764,000 bitcoins
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