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BitInstant founder begins 2-year prison sentence

Charlie Shrem, the 25-year-old 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.

During his time in prison, Shrem won't have access to the Internet, but he will be able to send and receive emails. He is also encouraging the bitcoin community to send him money so he can pay for email and phone access, stamps, food and other items. However, Shrem said that what's more important to him is for people to send magazines, books, letters and cuttings or printouts of articles about bitcoin.

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bitcoin, charlie shrem, prison