Trendon Shavers
Founder of Bitcoin Savings and Trust, who operated under the handle 'pirateat40' and ran what the DOJ called the first federal criminal securities-fraud case involving Bitcoin. He pleaded guilty in 2015 and was sentenced in 2016 to 18 months in prison.
Also known as: pirateat40, Pirate, Trendon T. Shavers
Bio
Trendon T. Shavers, who used the online name "pirateat40," founded and operated Bitcoin Savings and Trust (BTCST). From 2011 to 2012 he solicited investors on online forums, promising up to 7% weekly returns from purported bitcoin market arbitrage. In reality the SEC and DOJ said BTCST was a Ponzi scheme that paid earlier investors with newer investors' bitcoin while Shavers diverted funds for personal use. [1][2]
Legal outcome
The SEC's 2013 case was the first it brought over a Bitcoin-denominated Ponzi scheme; a 2014 judgment ordered Shavers and BTCST to pay more than $40 million. He pleaded guilty to securities fraud in 2015 and, in 2016, was sentenced to 18 months in prison — described by prosecutors as the first federal criminal securities-fraud case involving Bitcoin. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Sources (2)
See also
Luke BelmarIndividualsCryptocurrency influencer Luke Belmar (@lukebelmar on X) became the subject of controversy following allegations related to the promotion of a memecoin. Critics on social media alleged that Belmar used a series of posts referencing a forthcoming cryptocurrency project and a large-scale airdrop to generate interest in a token without explicitly identifying a specific contract address. Belmar published multiple posts discussing an upcoming memecoin, describing plans for what he characterized as a major airdrop and making comparisons to other cryptocurrency projects. Because no contract address was publicly provided, several tokens emerged claiming association with his statements. Critics alleged that this ambiguity enabled speculation around multiple tokens while avoiding a direct endorsement of any particular asset.
HEX / PulseChain (Richard Heart)ProjectsCrypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
This page was last updated on Jun 15, 2026. View revision history.
