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Bitcoin exchange CEO scandal

And the moment we’ve all been waiting for….money laundering in Bitcoin. Just like we expect and what an irony that it happened to its CEO! U.S government just arrested Charlie Shrem, CEO of Bitcoin exchange BitInstant, with the charge of money laundering. Shrem was suspected of helping Robert Faiella sell more than 1 million worth of bitcoins to Silk Road customers.

According to CNN money, Shrem sold Faiella the bitcoin that eventually get into drug buyers and sellers’ hands and Shrem knew where the money went all along but never reported to U.S government. As a result of the arrest, stricter regulation has been called for in Bitcoin as they can be traded without using names and are difficult to trace to an individuals.