27 Jan '14, 9pm

Winklevosses, Bitcoin community shocked by the arrest of BitInstant CEO Charlie Shrem

Winklevosses, Bitcoin community shocked by the arrest of BitInstant CEO Charlie Shrem

BitInstant which was in operation from 2011 to 2013, before shutting down “temporarily” in July, was a site that allowed users to buy and sell Bitcoin. The indictment cites emails exchanged between Shrem and Robert Faiella of Cape Coral, Florida, in which Shrem advises Faiella on how to avoid getting flagged by BitInstant for potential illegal activity. Shrem says he knows Faiella is running a money exchange on Silk Road as BTCKing, where he charged Silk Road users a hefty 9% fee for Bitcoins that he was getting through BitInstant. Shrem told him, for example, to use different email addresses for different transactions so that company monitors — including BitInstant co-founder Gareth Nelson — wouldn’t realize BTCKing was changing thousands of dollars of Bitcoin daily. That kind of activity would require the company to file a “suspicious activity report” with the government...

Full article: http://www.forbes.com/sites/kashmirhill/2014/01/27/winkle...

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