Charlie Shrem, the founder of the bitcoin exchange BitInstant, began his 24 month prison sentence last month. Shrem was charged with violating anti-money laundering duties by dealing with Robert Faiella, who provided over $1m in digital currency to drug dealers on Silk Road. FinTech is not without Risk!
Bitcoin entrepreneur Charlie Shrem begins his stint in prison today, having been sentenced in December to two years behind bars. The 25-year-old will serve his time at Lewisburg Federal Prison Camp in Pennsylvania for aiding and abetting the operation of an unlicensed money transmitting business. "Of course I'm scared, but I'll get through it. I've prepared," he told CoinDesk in a recent interview. Of his 24-month sentence, Shrem hopes to only serve nine or 10 months and indicated that, while it's hardly going to be a pleasant experience, it could be a lot worse. He will be sharing a cell with two or three other inmates at the minimum-security facility, which houses around 465 male offenders. "There are no fences and there's baseball, basketball, tennis, a library, etc," he explained