BitInstant CEO Charlie Shrem Arrested in Silk Road Bitcoin Bust
Charlie Shrem, CEO of bitcoin exchange service BitInstant, has been arrested for his alleged involvement in a scheme to "sell and launder over $1m in bitcoins" through the now defunct online black market Silk Road. According to a document published by the Manhattan US Attorney, charges have also been filed against Robert M. Faiella, a 52-year-old Florida native better known as "BTCKing". Both Shrem and Faiella have been charged with conspiring to commit money laundering and operating an unlicensed money transmitting business, among other individual charges. If convicted, Faiella and Shrem....
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One year ago today, former BitInstant CEO and early Bitcoin proponent Charlie Shrem began serving his two-year prison sentence. The former CEO of BitInstant, a popular Bitcoin exchange in the early days of Bitcoin, was arrested at JFK airport in January 2014. He was just 24 year old. Later convicted of abetting more than $1 million in bitcoin sales to Silk Road users, and also cited as a Silk Road user himself, Shrem faced a detailed case against him. He was charged alongside Robert Faiella, who was known as BTCKing on the Silk Road.
Charlie Shrem was formally indicted on April 10th. Three months ago, Charlie Shrem, the former Vice Chairman of the Bitcoin Foundation and CEO of the now-defunct BitInstant, was arrested in New York on charges of money laundering and acting as an unlicensed money transmitter. The allegations against Shrem were that he laundered over $1 million in bitcoins for users of Silk Road - the illegal online drug marketplace that was shut down by the FBI back in October 2013, and that he wilfully neglected to report unlawful transactions that were conducted through BitInstant by Robert Faiella, a....
Former Bitcoin Foundation vice chairman Charlie Shrem has been indicted on charges stemming from alleged money laundering on the Silk Road, once of the largest illegal marketplaces online. The indictment involving Shrem and Florida resident Robert Faiella indicates that the two had been conspiring together to funnel money into Silk Road since 2011. Shrem, 24, was co-founder and an executive of bitcoin processor BitInstant. He is also accused of never filing a single suspicious activity report with the government during his time at the company. The details. According to the indictment,....
The CEO of BitInstant, Charlie Shrem, has reportedly been arrested at New York City's JFK International Airport, accused of selling over $1 million worth of bitcoins to users of the famed (and now defunct) Silk Road drug trade site on the darknet. The report released by the Southern District of New York on Monday revealed Shrem himself purchased illicit substances on Silk Road. Another individual who reportedly ran a bitcoin exchange, Robert M. Faiella, was also arrested on similar charges. "As alleged, Robert Faiella and Charlie Shrem schemed to sell over $1 million in Bitcoins to....
Charlie Shrem, the Vice Chairman of the Bitcoin Foundation and CEO of currently shuttered Bitcoin exchange, BitInstant, has been arrested. Police arrested Shrem at JFK airport in New York yesterday, on charges of money laundering and acting as an unlicensed money transmitter. It is alleged that Shrem sold / laundered Bitcoin in excess of $1 million for users of narcotics bazaar, Silk Road. Robert M. Faiella, a private Bitcoin exchanger known online as BTCKing, was also arrested today at his Florida home. He is facing similar charges. Shrem is facing a maximum sentence of 30 years in....