Bitcoin operators charged in illicit drug site bust

Comment on this story
Bitcoin Reuters.

New York - A US judge says the top executive of a New York City-based Bitcoin company can be freed pending trial on charges relating to the black market website Silk Road.

Magistrate Judge Henry Pitman ordered electronic monitoring for 24-year-old Charlie Shrem.

He was released to stay with his parents Monday over the objection of prosecutors.

Shrem is chief executive officer of BitInstant and vice chairman of a foundation that promotes the Bitcoin currency system.

He was arrested Sunday at Kennedy Airport.

Prosecutors say he conspired to commit money laundering by selling more than $1 million in Bitcoins to Silk Road lawyers.

They say he personally bought drugs on the website.

His lawyer says he is presumed innocent and has spoken online about the need to obey the laws regarding virtual currency. - Sapa-AP



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.