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Bitcoin ponzi scheme exposed

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http://rt.com/usa/news/investors-currency-digital-fund-868/

The decentralized, digital Bitcoin currency has caught the attention of people around the globe who are unhappy with how national bank mismanagement is impacting the world economy. It has also, apparently, caught the eye of one very clever schemer.

An invite-only online hedge fund that promised lucrative returns for investors called the Bitcoin Savings & Trust has shut down, and with it have disappeared the service’s administrator — a user known in the digital currency community as pirateat40 — as well as millions of dollars’ worth of the cryptocash, currently valued at around $11 USD per coin.

Pirateat40 claimed that Bitcoin Savings & Trust had collected from investors roughly 500,000 worth of the currency, or around $5.49 million in US dollars, but not before disappearing off the face of the Web. The virtual hedge fund went offline this month following pirateat40’s announcement that the site would be shutting down…

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