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Old 28-01-14   #1
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Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins


BitInstant CEO Charlie Shrem has been charged with laundering money for customers of online drug bazaar Silk Road. U.S. government agents have arrested BitInstant CEO Charlie Shrem on charges that he used his prominent Bitcoin exchange to launder money for customers of the online drug bazaar: Silk Road. Shrem's exchange, based in New York City, lets people buy bitcoins locally at more than 700,000 locations in the United States, as well as Brazil, Russia and elsewhere. He is also vice chairman of the Bitcoin Foundation, one of the currency's biggest advocates. The police state that Shrem helped a man called Robert Faiella sell more than $1 million worth of Bitcoins to Silk Road customers. Faiella allegedly ran an underground Bitcoin exchange using the alias BTCKing. Both have been arrested and are charged with conspiracy to launder money and operating an unlicensed money transmitting business. Additionally, Shrem faces charge for not tipping off the feds to what was allegedly going on. Cameron and Tyler Winklevoss, who invested $1.5 million in BitInstant last year to help it get off the ground, said in a joint statement: "When we invested in BitInstant in the fall of 2012, its management made a commitment to us that theywould abide by all applicable laws - including money laundering laws - and we expected nothing less." The official BitInstant website has been brought down, and it is uncertain how this ruling will affect its customers.

Source :- Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins | The Escapist
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Old 28-01-14   #2
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

This was bound to happen !! if private firms or individuals can make a currency then these things will be mostly used by the underworld !!

Good that he was caught...
Lets wait for more catches..
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Old 28-01-14   #3
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

will that make bitcoin invalid very soon??
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Old 28-01-14   #4
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

that sounds like a fake name....
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Old 28-01-14   #5
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Originally Posted by dedasdude View Post
that sounds like a fake name....
Maybe they're using reference names ... But imo the news is real for sure!!
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Old 28-01-14   #6
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Never a dull moment in Bitcoin. Sigh.
So, they're gonna do what they did to HSBC? Just fine and move along? Or, let me guess, they're gonna get screwed big time and will be serving prisons.

Don't get me wrong. I hate BTC, but what HSBC did and still got away was much more.
What Shrem sold was $1million worth of BTC. But HSBC? They gave billions to drugs, crimes, etc. And still without a single charge on them. And their CEO's still got away unarrested.

Much double standards. Such hipocrisy. wow.
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Old 29-01-14   #7
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Originally Posted by realandR3cys View Post
Never a dull moment in Bitcoin. Sigh.
So, they're gonna do what they did to HSBC? Just fine and move along? Or, let me guess, they're gonna get screwed big time and will be serving prisons.

Don't get me wrong. I hate BTC, but what HSBC did and still got away was much more.
What Shrem sold was $1million worth of BTC. But HSBC? They gave billions to drugs, crimes, etc. And still without a single charge on them. And their CEO's still got away unarrested.

Much double standards. Such hipocrisy. wow.
hsbc obviously pulled some strings and threw some cash around. its obvious.
justice is just a BS word fed to commoners to keep people from freaking out
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Old 30-01-14   #8
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Originally Posted by dedasdude View Post
hsbc obviously pulled some strings and threw some cash around. its obvious.
justice is just a BS word fed to commoners to keep people from freaking out
Sad. If Shrem could pay billion dollar fines like HSBC, he wouldn't be in prison either.

Moral of the story: If you're the size of HSBC, your CEO won't be arrested.
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Old 30-01-14   #9
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

well mining for me is just a way to buy small stuff on the interwebs, and pooled mining is very profitable. i bought bitcoins when they were around $100 , i bought a shit load of games on steam when they went up to $1300 ..lets hope people dont screw this up cause i like bitcoins, so convenient
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Old 30-01-14   #10
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

You hit a jackpot I think.
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Old 30-01-14   #11
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Originally Posted by bssunil View Post
You hit a jackpot I think.
lol i bought like half a bitcoin in the beginning , now i just get it free from pooled mining :3
-_-
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Old 30-01-14   #12
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Originally Posted by realandR3cys View Post
Never a dull moment in Bitcoin. Sigh.
So, they're gonna do what they did to HSBC? Just fine and move along? Or, let me guess, they're gonna get screwed big time and will be serving prisons.

Don't get me wrong. I hate BTC, but what HSBC did and still got away was much more.
What Shrem sold was $1million worth of BTC. But HSBC? They gave billions to drugs, crimes, etc. And still without a single charge on them. And their CEO's still got away unarrested.

Much double standards. Such hipocrisy. wow.

Why do you hate Bitcoins? They are just some numbers.

Bitcoins eliminate the need for banks or money transferring agencies. If enough people embraced it, banks like HSBC will have to shut shop. Criminals cannot snatch away memorized numbers. I see some hypocrisy in your statements!

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Old 30-01-14   #13
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Originally Posted by TNT View Post
Why do you hate Bitcoins? They are just some numbers.
Indeed. They're just numbers whose value traction goes like a rollercoaster ride.

Originally Posted by TNT View Post
I see some hypocrisy in your statements!
Which part?
Wait, so you think money laundering in BTC will not take place further after Shrem's arrest? So, you think after this every other drug dealers in Silk Road will abide by the laws now? Fear the polize? BTC, the holy shrine?
I seriously don't see a logic behind your argument.
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Old 01-02-14   #14
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

Ironically all this is giving Bitcoin more legitimacy as a "currency" which will attract attention of authorities and regulators.

"May you come to the attention of those in authority"
- Chinese Curse.
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Old 01-02-14   #15
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Re: Bitcoin Exchange CEO Arrested For Laundering Drug Money With Bitcoins

If this was in USA then there are many CEO's who have been put behind bars for leser crimes.. not even crimes but lesser frauds and stuff.. Like Rajat, if you remember, was jailed for just some phonecall to his friend in the charges of insider trading.
Jeff Skilling, former CEO of Enron
Serving 24 years for fraud, insider trading, and other crimes related to the collapse of Enron
Bernie Ebbers, former CEO of WorldCom
Serving 25 years for accounting fraud that cost investors over $100 billion
Dennis Kozlowski, former CEO of Tyco Serving 8 to 25 years for stealing $134 million from Tyco
John Rigas, former CEO of Adelphia Communications Serving 25 years for bank, wire, and securities fraud related to the demise of Adelphia
Sanjay Kumar, former CEO of Computer Associates Serving 12 years for obstruction of justice and securities fraud
Walter Forbes, former CEO of Cendant Serving 12 years for fraud
Richard Scrushy, former CEO of HealthSouth Serving 7 years for bribery and mail fraud
Joseph Nacchio, former CEO of Qwest Communications
Serving 6 years for insider trading
Sam Waksal, former CEO of ImClone Served 7 years for securities fraud (released last year)
Martin Grass, former CEO of Rite Aid Served 6 years for fraud and obstruction (just released this year)
Originally Posted by realandR3cys View Post
Moral of the story: If you're the size of HSBC, your CEO won't be arrested.

Yes this a serious curse.. and the results maybe horrendous.
Originally Posted by vijayninel View Post
"May you come to the attention of those in authority" - Chinese Curse.
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