Note from the CEO: Far be it from us at FintekNews to cover ex-cons BUT this is a really good read. Seems like in a lot of cases, rapid success can be a ticket to jail. Hey, anytime a very handsome (says my wife) Bitcoin entrepreneur makes headlines (going in to jail AND out) you have a fascinating story. So, take a read about Charlie Shrem. It’s worth it.
No matter what, Charlie Shrem helped put bitcoin on the map and bring attention to the digital currency. Some jail time for some ‘not so smart’ dealings only reinforced his belief in bitcoin. Fascinating.
“The rise of 26-year old Charlie Shrem was swift. So was his fall.
The self-professed computer geek turned divisive digital currency entrepreneur won notoriety as the founder of BitInstant. The firm took off, attracting investors like the Winklevoss twins, and helping popularize bitcoin.
Then, his whole world came crashing down. He was charged with operating an unlicensed money transmitting business. He pled guilty, and was given prison time.
He had “knowingly transmitted money intended to facilitate criminal activity- specifically, drug trafficking on Silk Road,” according to a press release by the United States Attorney’s Office, Southern District of New York.
Shrem got of prison earlier this year, and his experience there hasn’t deterred his faith in bitcoin and blockchain, the technology behind it. In fact, an incident with a prison guard and mackerels, the currency of choice in prison, only confirmed his belief in an alternative currency system. “