Charlie Shrem sentenced 2 years prison time.

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.

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.

Leave a Reply

1 Comment threads
0 Thread replies
Most reacted comment
Hottest comment thread
1 Comment authors
@ChangeTip Recent comment authors
newest oldest most voted
Notify of

bitonbit just left a Bitcoin tip worth 0.25 USD (773 bits/$0.25).