While this is true, insiders typically can't sell for the first six months after their IPO.

IMO people are panicking over nothing. Nothing prevents them from taking all the money invested and living large without worrying about the investors at all, since BTCT securities are "for entertainment purposes only" and not legally binding. The fact that they didn't just let people bid as high as they wanted and sold shares at the original IPO price, rather then taking twice as much, indicates they're not just in it for a quick buck.

If you'er not comfortable trusting these guys with your money, then sell your shares.  I don't understand what makes people both paranoid about the founders and at the same unwilling to sell the shares - instead coming on the forum and venting their frustration and cognitive dissonance on the boards.  

Unless they're trying to get other people to sell in order to lower the price and buy more, of course

BTCT enables options trading, but so far no one has offered to sell any put options. Theoretically you could hedge your ownership by writing a call option as well.

But seriously just chill.  If you don't trust these guys with your money, then don't hold the shares.