BitInstant CEO Charlie Shrem Arrested at JFK
Channel: Peace News Now
Date: 2014-01-27

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Charlie Shrem, the CEO of the Bitcoin-based company BitInstant, was arrested at JFK Airport today upon arriving home from the North American Bitcoin Conference in Miami. According to the federal criminal complaint, Shrem is charged with "one count operating an unlicensed money transmitting business, one count of money laundering conspiracy and one count willful failure to file suspicious activity report."

According to U.S. Attorney Preet Bharara:

"As alleged, Robert Faiella and Charlie Shrem schemed to sell over $1 million in Bitcoins to criminals bent on trafficking narcotics on the dark web drug site, Silk Road. Truly innovative business models don't need to resort to old-fashioned law-breaking, and when Bitcoins, like any traditional currency, are laundered and used to fuel criminal activity, law enforcement has no choice but to act. We will aggressively pursue those who would coopt new forms of currency for illicit purposes."

Is this the beginning of a bitcoin man-hunt? Are government agents seeking to use force, surprise arrests, and threats of furter intimidation to stifle growth and innovation in bitcoin? Share your thoughts in the comments section below. I will update this story as it develops.

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