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bitcoin supporter Charlie Shrem indicted for money laundering

bitcoin supporter Charlie Shrem faces up to 20 years in prison following failed plea bargain negotiations with the US government.

Published Tue, Apr 15 2014 3:33 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

The former vice president of the Bitcoin Foundation, Charlie Shrem, has been indicted on money laundering charges related to the now defunct Silk Road website. Shrem and federal prosecutors were trying to work out a plea deal, but negotiations came to an end.

bitcoin supporter Charlie Shrem indicted for money laundering | TweakTown.com

Shrem plans to plead not guilty at arraignment later this month before U.S. District Judge Jed Rakoff, facing up to 20 years in prison if convicted.

Shrem previously worked with the Bitcoin Foundation and also operated the BitInstant bitcoin exchange company - and was arrested in January. Now facing two counts of conspiracy to commit money laundering and operating an unlicensed money transmitting business.

The US government has been quick to try and prevent users from using bitcoin to support money laundering and illegal behavior - and similar cases are likely in the future.

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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