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Bitcoin pioneer Charlie Shrem sentenced to two years in prison for involvement with 'Silk Road' drug website
Shrem was sentenced Friday for selling $1 million worth of the digital currency for use in an online drug bazaar. 'I screwed up really badly,' Charlie Shrem, an early Bitcoin champion, told Manhattan Federal Court Judge Jed Rakoff.
By Dareh Gregorian
Former bitcoin entrepreneur Charlie Shrem exits Manhattan federal court following his sentencing, Friday, Dec. 19th, 2014, in New York.
A bitcoin bigwig was sentenced Friday to two years in prison for selling $1 million worth of the digital currency for use in an online drug bazaar.
“I screwed up really badly,” Charlie Shrem, an early Bitcoin champion, told Manhattan Federal Court Judge Jed Rakoff. “I have no excuses for what I did.” Shrem, 25, said he was only 22 at the time he made the transactions, which he knew were going to be used to bolster the notorious “Silk Road” drug website.
Prosecutors noted he was his company’s CEO and compliance officer.
“I was given a responsibility and I failed,” he said, telling Rakoff he now understands Spider-Man’s immortal “With great power comes great responsibility.”
“Bitcoin is my baby. It’s my whole life. It’s what I was put on this Earth to do,” he said. Shrem also was ordered to forfeit just under $1 million.
Shrem was sentenced Friday for selling $1 million worth of the digital currency for use in an online drug bazaar. 'I screwed up really badly,' Charlie Shrem, an early Bitcoin champion, told Manhattan Federal Court Judge Jed Rakoff.
By Dareh Gregorian
Former bitcoin entrepreneur Charlie Shrem exits Manhattan federal court following his sentencing, Friday, Dec. 19th, 2014, in New York.
A bitcoin bigwig was sentenced Friday to two years in prison for selling $1 million worth of the digital currency for use in an online drug bazaar.
“I screwed up really badly,” Charlie Shrem, an early Bitcoin champion, told Manhattan Federal Court Judge Jed Rakoff. “I have no excuses for what I did.” Shrem, 25, said he was only 22 at the time he made the transactions, which he knew were going to be used to bolster the notorious “Silk Road” drug website.
Prosecutors noted he was his company’s CEO and compliance officer.
“I was given a responsibility and I failed,” he said, telling Rakoff he now understands Spider-Man’s immortal “With great power comes great responsibility.”
“Bitcoin is my baby. It’s my whole life. It’s what I was put on this Earth to do,” he said. Shrem also was ordered to forfeit just under $1 million.