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Charlie Shrem sentenced 2 years prison time.

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Charlie Shrem, the former vice-chairmen of the Bitcoin Foundation and founder of BitInstant, was sentenced to two years of prison by U.S. District Judge Jed Rakoff.

Shrem pled guilty to the charges of aiding and abetting the operation of an unlicensed money transmitting business. Shrem sold bitcoins to Robert “BTCKing” Faiella that were ultimately used in illicit drug transactions of the Silk Road.

Two days ago, Shrem tweeted:

Shrem was also ordered to forfeit $950,000 made from the business.

After his sentence was given to him this afternoon, he tweeted:

Image courtesy of Charlie Shrem.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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