Last updated on January 2nd, 2018 at 12:00 am
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:
My sentencing is in exactly 48 hours. Please have me in your thoughts and prayers. Vires in Numeris…the future is now #bitcoin
— Charlie Shrem (@CharlieShrem) December 17, 2014
Shrem was also ordered to forfeit $950,000 made from the business.
After his sentence was given to him this afternoon, he tweeted:
I've been sentenced to 2 years, to self surrender in 90 days. Considering I was facing 30 years, justice has been served. #Bitcoin
— Charlie Shrem (@CharlieShrem) December 19, 2014
Image courtesy of Charlie Shrem.