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Bitcoin advocate Charlie Shrem given two-year prison sentence

Charlie Shrem was given two years for his role in illicit monetary transfers

Michael Hatamoto | Dec 19, 2014 at 06:24 pm CST (0 mins, 43 secs reading time)

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 | TweakTown.com

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."

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

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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