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Silk Road's BTCKing is Sentenced to Four Years in Prison

Robert Faiella, whose online alias was “BTCKing,” who worked for Silk Road as an underground Bitcoin currency exchange agent, was sentenced today to four years in prison. This was announced by Preet Bharara; the United States Attorney for the Southern District of New York. The sentence was for his part in aiding and abetting the transmission of nearly $1 million in Bitcoins intended for drug...

Charlie Shrem Formally Indicted Following Unsuccessful Plea Bargaining

Charlie Shrem Formally Indicted for Money Laundering

Three months ago, Charlie Shrem, the former Vice Chairman of the Bitcoin Foundation and CEO of the now-defunct BitInstant, was arrested in New York on charges of money laundering and acting as an unlicensed money transmitter. The allegations against Shrem were that he laundered over $1 million in bitcoins for users of Silk Road - the illegal online drug marketplace that was shut down by the FBI...

Warning: LocalBitcoins Sellers are Being Arrested for Money Laundering

localbitcoins

This just in from Krebs on Security, on Thursday the 6th of February, two Floridians have been arrested for breaking state level anti-money laundering laws in place in Florida. Michael Espinoza, whom went by Michaelhack on Localbitcoins, and Pascal Reid, whom went by proy33 on Localbitcoins, were both arrested yesterday on anti-money laundering and unlicensed money transmitter charges. Both...

Chase Adds New Restrictions on Cash Deposits, Doesn't Get Arrested

Chase Bitcoin

One of the key aspects of the Charlie Shrem and BTCKing money laundering case is that anonymous individuals were able to go to various banks around the United States and make deposits of less than $1,000 to bank accounts owned by BitInstant. BitInstant was not required to collect information on people who wanted to buy less than $1,000 worth of bitcoins per day, and the banks allowed anonymous...

The Complete Breakdown of How Charlie Shrem Did Nothing Wrong

Charlie Shrem Formally Indicted for Money Laundering

Many people in the Bitcoin community were shocked when they heard Charlie Shrem was arrested for allegedly laundering money for drug dealers from the Silk Road, but the moral, and perhaps even the legal, case against him is rather weak. While the US Government will definitely try to make an example out of Charlie, it's unclear as to whether or not the average person on the street would agree that...

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