A Texan man has been sentenced to 18 months in jail for running a fraudulent Ponzi-style scheme based around the Bitcoin virtual currency.

The scheme - run by Trendon Shavers - promised high returns to those who backed bitcoin-related investments.

Instead of investing cash, Shavers used it to pay early investors in the scheme and to amass bitcoins.

Investors who backed the scheme lost about $1.23m (£940,000) in total, said Shavers' lawyers.

Shavers has been ordered by the court to repay the money which investors lost.

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