A judge in rural Breathitt County, Kentucky (population: 13,878) ruled earlier this month that a local man who received a loan of 11.95 bitcoins in December 2013 must repay it, including interest, for a total amount of over $67,800 (about £42,600).
Back then, when the price of one bitcoin was rapidly rising and trading in the $800-$1,000 range, a Brazilian man named Daniel Kaminski de Souza loaned the bitcoins using a peer-to-peer bitcoin loan site called BTCJam. At the time of the loan, those bitcoins were worth about $10,000 (£6,300).
The borrower, Dennis Kerley, offered a 20 percent return to his lenders within a year. His plan was to use the money to buy bitcoin miners—obviously, it didn’t work out. Kerley did not respond to Ars’ attempts to reach him on Thursday evening.
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