27 Jan '14, 6pm

Feds charge Bitcoin start-up founder with money laundering

Feds charge Bitcoin start-up founder with money laundering

Less than a year after raising $1.5 million for his Bitcoin exchange start-up BitInstant, CEO Charlie Shrem has been charged with money laundering. A news release from U.S. prosecutors in Manhattan said that Shrem knowingly facilitated illegal purchases on the now-shuttered underground drug marketplace Silk Road. Silk Road was a Web site that allowed users to buy everything from heroin to fake IDs. To help preserve users' anonymity, the site required all transactions to be conducted in bitcoins. According to the government, a man named Robert Faiella worked with Shrem to sell bitcoins to Silk Road users. The two men allegedly sold more than $1 million worth, with Shrem giving Faiella a volume discount on BitInstant's fees. "Upon receiving orders for Bitcoins from Silk Road users," the government said, Faiella filled the orders through BitInstant, which "was designed to ena...

Full article: http://www.washingtonpost.com/blogs/the-switch/wp/2014/01...

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Prominent Bitcoin entrepreneur charged with money laundering - Reuters

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