Bitcoin Ponzi Scheme Hit With $40.7M Penalty

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Am I reading this wrong? You raise $290 million in bitcoin illegally but you only have to pay a $40M penalty? Gee, no wonder why these people keep committing this type of crime.

According to the complaint, Shaver managed to raise around 732,000 Bitcoin (which is worth around $290 million today, though the exchange rate changes wildly) between Feb. 2011 and Aug. 2012, by convincing people in Bitcoin forums that he was some sort of hotshot investor in the virtual currency who sold to individuals looking to buy Bitcoin “off the radar” quickly and/or large quantities.
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He profited around $39 mil, now he owes 40. My question is why he isn't in prison.
 
InternationalHat said:
"bitcoin ponzi scheme" is like saying "ponzi scheme ponzi scheme"
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True. And what's weird is that since Bitcoins aren't really worth anything, that someone could get fined or anything for doing stuff with them. I mean aside from porn and drugs bought by people that wanna overthrow their government, pretty much no one would touch them so anyone that loses them deserves it and a free trip to prison just for acting to support the world's organized crime by using them.
 
CreepyUncleGoogle said:
True. And what's weird is that since Bitcoins aren't really worth anything, that someone could get fined or anything for doing stuff with them. I mean aside from porn and drugs bought by people that wanna overthrow their government, pretty much no one would touch them so anyone that loses them deserves it and a free trip to prison just for acting to support the world's organized crime by using them.
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The fact that the USDollar is the "World's organized crimes" choice for laundering money a real suprise and the Dollar is backed by what? Oh War if you you don't use it... just check with Iraq and Libya and soon Iran. How many bankers go to jail for their crimes lately? Any? The greatest ponzi in the history of mankind.
 
Even if there was jail time, what's 3-5 years when you have 200 mil waiting in the bank for you when you get out?
 
He converted a lot of the BTC into dollars on MTGOX and spend the money on himself. . Remember this scam was going on while BTC was worth roughly $5-$12.
 
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