Charlie Shrem Gets Two Year Prison-Term for Conducting Illegal Transactions

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Charlie Shrem Gets Two Year Prison-Term for Conducting Illegal Transactions

ForexMinute.com – Following a prolonged legal battle, Bitcoin supporter and entrepreneur Charlie Shrem was sentenced to a two-year prison term for his involvement in transacting $1 million worth of BTC to decentralized internet black market Silk Road.

Shrem, a former vice president of the Bitcoin Foundation and founder of the Bitcoin exchange BitInstant, took charge of his responsibility and remained apologetic throughout the conclusion. “I have no excuses for what I did. I broke the law and I broke it badly,” he said while ensuring that he will now be more focused towards preventing Bitcoin’s abuse in illegal markets.

“No one [in bitcoin] is doing this anymore, they’re terrified… Bitcoin needs to stay away from criminals, from people taking actions that I did […] I need to be out there… helping the world to make sure they don’t do a stupid thing like I did.”

The 25-year old entrepreneur was originally considered for a six-year jail term, possibly due to his involvement in abetting a novel crime involving drugs and money laundering. However, his defense pleaded US District Judge Jed Rakoff to reduce the sentence to 2-years after agreeing to pay a forfeit of approximately $950,000.

“Justice has been served… They were trying to put me away for more than six years, which would have been unfair. I think it turned out alright,” Shrem told media.

He is now to face another trial on January 13 next year against charges of murder conspiracy and narcotics trafficking.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com