“In the case of a Texas man accused of massive Bitcoin-based fraud, a federal judge has ruled that bitcoins are ‘a currency or form of money,’ and are therefore subject to relevant US laws. The case revolves around Bitcoin Savings and Trust (BTCST), a virtual Bitcoin-based hedge fund that many suspected of being a scam. BTCST shut down in August 2012, and the Securities and Exchange Commission (SEC) last month formally charged founder Trendon Shavers with running a Ponzi scheme.”
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