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ExtraTorrent.cc > Articles > Bitcoin Operator Will Spend 2 Years in Jail

Bitcoin Operator Will Spend 2 Years in Jail

Bitcoin Operator Will Spend 2 Years in Jail

Added: Monday, January 5th, 2015
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
Charlie Shrem, the Bitcoin entrepreneur, was recently sentenced to 2 years in prison for being involved in a money-laundering scheme. This happened after a Bitcoin exchange he operated was accused of helping users of the Silk Road black market.

Charlie Shrem used to be a well-known figure in the Bitcoin community. He sat on the board of the foundation that oversees the cryptocurrency. In addition, Shrem was also running his own exchange named BitInstant. He was arrested a year ago and resigned as a board member. Considering that he was facing 30 years in prison, one should admit that justice has been served.

Back in September 2014, Charlie Shrem pled guilty to the charges of money laundering, asking forgiveness from the trial judge. Then he admitted that the Bitcoin community is now scared and there was no money laundering going on any more.

Charlie Shrem was accused of running a scheme with Floridian Robert Faiella to sell cryptocurrency anonymously to users of the Silk Road online black market. Robert Faiella operated a business on the illegal website known as BTCKing. He let users exchange cash for cryptocurrency anonymously in exchange for a commission. Such anonymous orders were fulfilled through BitInstant, where Charlie Shrem was CEO and chief compliance officer.

Under the American law, the Bitcoin exchange served as a money transmitter, and was therefore required to report substantial transactions or their patterns, if those indicated suspicious activity. Charlie Shrem failed to file any such reports, which allowed the prosecution to claim that he knowingly partnered with Silk Road operators to make sure that those would continue to have access to BitInstant.

The judge rules that Charlie Shrem, over a period of many months, was knowingly, willfully, excitedly and even passionately involved in illegal activities. Everyone knows what happened with Silk Road and its successors. By the way, Ross Ulbricht, the individual accused of running the Silk Road black market, will stand trial in a few days. It is known that Ross Ulbricht operated the Silk Road under the nickname “Dread Pirate Roberts”. Ulbricht is currently accused of facilitating the trade of illegal drugs, and even ordering the assassination of a business associate.

Posted by:  SuperAdmin
Date:  Monday, January 5th, 2015

Comments (7) (please add your comment »)

posted by (2015-01-05 09:19:33)
No avatarI enjoy reading the news here,but,sometimes,i wonder who i writes them and checks them. " He was facing 30 years possible sentence, he got 2" that is justice served. I think i will go and rob a bank, and ask also for forgiveness.

posted by Turtle (2015-01-05 10:43:20)
Warwicked avatarThe drug war should be ended as it is a violation of our Constitutional Rights. The banker sharks have been facilitating this illegal industry by laundering money. Publicly executing one guilty banker weekly would bring victory and an end to the ruinous war on drugs.

posted by (2015-01-05 13:23:11)
Liberty4all avatarwarwicked your name says it all. war and wicked. there will never be peace on this earth while there are animals like you in it. why do youthink everyone who you dislike should be executed. you are a mindless madman, like your fellow worshipers

posted by (2015-01-05 16:25:06)
No avatarThis is what happens if you screw with Elimnati, he should have thought them, who gives anybody the rights to tell you where and what you can sell ffs!!!!

posted by (2015-01-06 01:31:23)
slaphead09 avatar@baddadza Elimnati? This is why I don't like Internet anymore. People see something online and they stick to it like white on rice. Without checking to see if it's reported elsewhere. Check your references people!

posted by Blocked (2015-01-06 12:16:05)
No avatar@2
I would propose that we go in the other direction and make dealing any amount of an illegal drug a capital offense. See how many drug dealers are left after a couple years executing those who provide even so much as a single roach to another American.

posted by Kitty (2015-01-07 02:09:33)
redbull99 avatar@4 you should start selling drugs.very easy money. you will thank me later when the cops are knocking down your door.

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