27 Jan '14, 11pm

Bitcoin Pioneer Arrested

One of the pioneering entrepreneurs involved in the cryptocurrency Bitcoin was arrested today at New York’s John F. Kennedy airport and charged with money laundering. Charlie Shrem, 24, whom we profiled last year as one of group of young Bitcoin millionaires playing a decisive role in shaping the electronic currency (see “Bitcoin Millionaires Become Investing Angels ”), was arrested after an investigation by the Drug Enforcement Administration. In its indictment , the government says Shrem and an accomplice used the electronic currency to launder drug money in connection with the website Silk Road, a site for purchasing narcotics and other illegal goods which at one time was responsible for about 5 percent of the trade in Bitcoin. Silk Road was shut down by authorities in October (see “Silk Road Bust Could Slow Bitcoin Economy ”). Bitcoin has recently gone mainstream, attr...

Full article: http://www.technologyreview.com/news/523936/bitcoin-pione...

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Prominent Bitcoin entrepreneur charged with money laundering - Reuters

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