Founder of BitInstant Charlie Shrem Released from Prison

In his first blog post as a free man, Charlie Shrem writes that he was released sometime in June and is living temporarily in southern Pennsylvania with his girlfriend. Shrem, the CEO of the now-defunct BitInstant, spent almost a year and a half inside Lewsiburg Federal Prison Camp on a 24 month sentence. Although he expected to serve less than a year, he still negated the 24 month potential – and the even greater 20-30 years he was initially facing.

At the time of his arrest, the 25-year-old was both the CEO of BitInstant and an original member of the Bitcoin Foundation. He was also deeply involved in the Bitcoin community and wanted to protect and promote the digital currency.

In January 2014, Shrem was arrested at JFK airport in New York where he was accused of knowingly allowing a user of the Silk Road marketplace trade Bitcoin for USD through his exchange service, BitInstant. He was charged with money laundering, failing to report suspicious banking activity, and operating an unlicensed money-transmitting business. Realistically, all he was doing doing was allowing a Silk Road member, BTCKing, to convert Bitcoin to USD. But, since money-laundering falls under the

Read more ... source: TheBitcoinNews