Tuesday, August 28, 2012

Official: Bitcoin Loan Shark 'pirateat40' Defaults

A mountain of problems have been growing the past several weeks surrounding the recent drama around massive Bitcoin lender, pirateat40, as reports of fund inaccessibility came out of the wood work.

Purported to have had somewhere around 500,000 BTC in Bitcoin Savings & Trust, his fund that was offering deposit account holders up to 7% weekly interest on their holdings. The lending service provider announced a default on borrowed assets just a short while ago; the estimated value for the defaulted assets is $5,000,000 USD.
<@pirateat40> As much as I've tried to meet the deadlines within the community, there're conditions beyond my control which have escalated the process to the point it is today.
<@pirateat40> Bitcoin Savings & Trust has hereby given notice of default to it's account holders.
[redacted]
<@pirateat40> At his time, all Pirate Pass-Thru operators are required to submit a list of their sub-accounts including; balance, forum / IRC name (or any other way of linking and confirming the account) and Bitcoin withdraw address. Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
<@pirateat40> Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.Payments will be processed directly by Bitcoin Savings & Trust to Pirate Pass-Thru sub-accounts upon verification and cleared of any outstanding conditions.
[redacted]
<hashking> When is the deadline to send this to you.
[redacted]
<@pirateat40> hashking, Friday by midnight.
You can follow the hearty discussion, or join up with your torches and pitchforks over on Bitcoin Talk.

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