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January 27, 2014 10:29 pm GMT

Bitcoin Exchange CEO Arrested for Connection to Silk Road

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Federal law enforcement officials have arrested the CEO of a Bitcoin exchange platform and an alleged co-conspirator in connection with Silk Road, the online black market for drugs.

Charlie Shrem, CEO of BitInstant, and Robert Faiella, who allegedly used the alias "BTCKing," have been charged with helping to sell more than $1 million in Bitcoin to Silk Road users, who then used the funds to anonymously engage in illicit transactions.

The two face charges of conspiring to commit money laundering and operating an unlicensed money transmitting business. Shrem is also charged with failing to report suspicious activity. Read more...

More about Crime, Silk Road, Us World, Us, and Bitcoin

Original Link: http://feeds.mashable.com/~r/Mashable/~3/N-ls7MiFnCM/

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