Bitcoin Savings & Trust

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Bitcoin Savings & Trust (abbreviated as BST) was a ponzi scheme operated by Trendon Shavers (then known as Pirate). It was launched in November 2011 as First Pirate Savings & Trust. Pirate claimed to have been selling bitcoins to some local tight-lipped buyers,[1] and that he started BST to provide more volume to these buyers.[2] By selling invested bitcoins at a high rate and rebuying them at the market price, Pirate was supposedly able to offer a very high-yield interest rate of 7% per week.[1][2]

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