Pirate Speaks – But Is He Just Stalling?

A little over an hour ago, now-notorious founder of Bitcoin Savings & Trust (BTCST) “PirateAt40″ made some statements in the #BTCST IRC channel that seem to indicate he’s on the road to repayment. He still gives no real specifics other than an intended (alleged) repayment date, some thinly-veiled threats to those who would bring legal proceedings against him, and confirmation that GPUMax is an entirely separate entity. For those who have coins still tied up in BTCST, it may be better than no communication at all – or is it just more noise to make the signal harder to detect?

From the transcripts:

<@pirateat40> Hello
* pirateat40 sets mode: +m
<@pirateat40> Q: What’s going on?  A: In short, one of my largest clients decided they would make things difficult for me.  In the heat of the moment I made a move to secure the USD backing the coins when they were not returned and has made things much more difficult.
<@pirateat40> Q: Where have you been?  A: I realize not having information is annoying and somewhat concerning. I’ve stopped responding publicly until hard information was available due to some legal concerns that developed.  Once the attorneys (both mine and my clients) got involved, everything slowed down while everything was sorted out.
<@pirateat40> Q: When will we get our coins? A: As of today the earliest estimated time that coins can begin moving is Friday, Oct 12th.  I can only keep you updated on this date as I have more information.
<@pirateat40> Q: Why did you require PPT operators to submit their account holders information?  A: There’re a few reasons for doing this.  The largest of which was to remove the PPT operators from the added risk of their users claiming they were not paid once the main account was paid. The other reasons can not be disclosed.
<@pirateat40> Q: What is going to happen with bond issuers? A: Since bonds can be traded and have taken a large hit due to the closure of BTCST, I’ll be working with the bond issuers to find a solution that best suits their investors.
<@pirateat40> Also…
<@pirateat40> Those looking to file a suit against me or BTCST will not be eligible for repayment.
<@pirateat40> GPUMAX has never been associated with BTCST nor have any of it’s partners.  GPUMAX shared a wallet with one of the BTCST operating wallets for security and is now running it’s own secured wallet which is no longer associated with BTCST.
<@pirateat40> Threats are taken seriously by myself and my attorney.  A few of you will find out how serious I mean.
<@pirateat40> That’s all for now, I’ll be providing updates here when more information is available.  Thanks
* pirateat40 sets mode: -m

So what do you think? Is Pirate serious about the repayment efforts or is he just blowing smoke to fend off lawsuits while he tucks tail and runs?

Do you think PirateAt40 is:

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  1. He's stalling, but why is he even talking? He should be in Brazil by now.

    • That's the question that leaves me with little bits of doubt – if I were him and this were truly a scam, I would be in a country with no extradition treaty by now. Either there's more to this scam than we've seen yet or it's no scam at all. The whole thing just has my head spinning and I'm so insanely happy I have no coins tied up in all this.

  2. I don't have a dog in this fight but I've been following it closely and with a lot of interest. I have to be honest, Pirate isn't acting like a scammer. He's acting like someone who made some bad choices, had some bad situations develop, and had an 'oh shit' moment. I think the dude is genuinely going to try to pay people back.

  3. I think he's actually so full of himself that he thinks he get away with it, as unrealistic as it sounds for a bystander. Wouldnt that compliment the psychogram of a conman?

  4. I think he believed that he could stay anonymous, and would be able to walk away from it unscathed, but it seems that people on forum made a really good progress uncovering his identity and even got home address of his relatives. And now pirate is trying to stall because he is scared.


  1. [...] Trendon Shavers) massive Ponzi scheme. Some for small amounts, some for massive amounts. Despite his announcement that he intends to repay, many users are still skeptical of his promises. With good reason too! He [...]

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  1. [...] Trendon Shavers) massive Ponzi scheme. Some for small amounts, some for massive amounts. Despite his announcement that he intends to repay, many users are still skeptical of his promises. With good reason too! He [...]