Tech content trusted by users in North America and around the world
7,296 Reviews & Articles | 53,221 News Posts

Bitcoin advocate Charlie Shrem given two-year prison sentence

Charlie Shrem was given two years for his role in illicit monetary transfers
By: Michael Hatamoto | Business, Financial & Legal News | Posted: Dec 20, 2014 12:24 am

Bitcoin supporter Charlie Shrem, 25, was given a two-year prison sentence for his role in sending $1 million in bitcoins to Silk Road. He pled guilty earlier in the year for aiding and abetting an unlicensed money transmitting business. Shrem was a former vice chairman for the Bitcoin Foundation, and must also forfeit $950,000 for his role in the operation.

 

bitcoin-advocate-charlie-shrem-given-two-year-prison-sentence_02

 

Shrem was described as someone who "excitedly" participated in the "very innovativeness" of drug trafficking, according to U.S. District Judge Jed Rakoff. The bitcoin supporter faced up to five years in prison, while the court wanted a 57-month term - as Shrem's BitInstant company knowingly processed bitcoins that were used to sell and purchase drugs via Silk Road.

 

Shrem offered the following statement via Twitter: "I've been sentenced to 2 years, to self surrender in 90 days. Considering I was facing 30 years, justice has been served. #Bitcoin."

NEWS SOURCES:Reuters.com, Insidebitcoins.com, Media.coindesk.com

Related Tags

Got an opinion on this news? Post a comment below!
Subscribe to our Newsletter

Latest News Posts

View More News Posts
View Our Latest Videos

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
loading