After 10 months, Largest Bitcoin Ponzi collapses with a loss of 5.6 Million USD

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Submission + - After 10 months, Largest Bitcoin Ponzi collapses with a loss of 5.6 Million USD (dailytech.com)

Submitted by beltsbear on Tuesday August 28, 2012 @09:52PM

beltsbear writes: Despite the many people calling it out as a Ponzi scam from the beginning, Pirateat40 was able to collect millions of dollars worth of Bitcoin from thousands of Bitcoin users. At almost every stage Pirateat40 copied the path of the EVE online Ponzi except on a much larger scale with a far more liquid take.

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