Trendon Shavers, known as Pirateat40, launched the Bitcoin Savings & Trust Ponzi scheme in 2011, quickly attracting significant investments in Bitcoin. Despite initial small inflows of $60,000, the scheme gained traction after rebranding to Bitcoin Savings & Trust in 2012, leading to daily inflows equal to that amount. Promising high returns to investors, Shavers mismanaged funds, selling Bitcoin to fund personal expenses rather than executing the promised trading strategy. He siphoned 193,000 BTC, valued at approximately $1.5 million at the time and a staggering $16 billion today. Similar to historical Ponzi schemes, Shavers was ultimately sentenced to 18 months in prison for fraud. The Bitcoin Savings & Trust remains notable for its unique records on the blockchain, contrasting with traditional fraud cases that lack comprehensive documentation.

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