Charlie Shrem sentenced 2 years prison time.

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:

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.

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