Home

Vice President of Bitcoin Arrested for Laundering
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

If money is the root of all evil, how about fake money? How about Bitcoins, this made-up currency that is trying to be the universal money of the internet? It seems even fake money tends to corrupt, if there is anything to the charges brought against Bitcoin Foundation Vice Chairman Charlie Shrem, 24, who was arrested yesterday outside of John F. Kennedy International Airport in New York shortly after he had a speech in Amsterdam.

What did the young man do? Misused his power. Bragging that he had his own plain and was worth over $6 million, it seems he knowingly contributed to the online underground bazaar Silk Road, which heavily used the new currency for laundering and selling drugs and so forth.

  
What
Where


Shrem has pled innocent, claiming, “The thing is, what the government can also do is try to arrest or take down companies that help push Bitcoin ahead. Our company [BitInstant, which has been closed down already] acted as  bridge between Bitcoin and dollars, has been taken down. And Bitcoin also has taken a hit. But we have contingency plans. I have a plane ticket ready to take me to Singapore. There’s another corporation already set up.”

Alas for young Shrem, it wasn’t to be! His passport has been taken away and he’s been carefully monitored in case he flees.

“Truly innovative business models don’t need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and uses to fuel criminal activity, law enforcement has no choice but to act,” said Manhattan U.S. Attorney Preet Bharara in a statement, as reported by Bloomberg. That thousands of people have suffered from bitcoin fraud is a testament to the problems behind Bitcoins.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Money in all its forms can be misused, and whether or not Bitcoin was a good idea in and of it itself, misusing it is never a good idea.

Image: The NY Daily News





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney with motions experience

USA-WA-Seattle

Seattle office of our client seeks mid-level litigation attorney with 3-5 years of experience, inclu...

Apply Now

Environmental /Land Use Attorney with 2-3 years of experience

USA-CA-San Francisco

San Francisco office of our client seeks environmental /land use attorney with 2-3 years of experien...

Apply Now

Litigation Attorney with 2-5 years of insurance defense experience

USA-FL-Jacksonville

Jacksonville office of our client seeks litigation attorney with 2-5 years of previous insurance def...

Apply Now

Attorney with 5+ years of complex litigation experience

USA-MI-Detroit

Detroit office of our client seeks attorney with 5+ years of complex litigation experience. The cand...

Apply Now

RELEVANT JOBS

Experienced Insurance Defense Attorney Needed

USA-NY-Bohemia

Insurance Defense firm (with 15 attorneys in Suffolk and Mineola location), seeks attorneys with 5+ ...

Apply now

ASSOCIATE ATTORNEY

USA-TX-Houston

INSURANCE DEFENSE / TRANSPORTATION LITIGATION Law firm located in North Houston seeking an associ...

Apply now

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

Summary: The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Ho...

Apply now

Legal Assistant / Paralegal

USA-TX-Houston

Our  law firm is currently seeking a qualified applicant to fill the position of a Legal Assist...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top