'Bitcoin Millionaire' Charlie Shrem Will Plead Guilty To Alleged Money Laundering Scheme

Bitcoin pioneer Charlie Shrem is expected to plead guilty on Thursday to a charge of "unlicensed money transmission " as part of a plea bargain, his lawyer Marc Agnifilo told Reuters last week.

Shrem, 24, is also a co-founder and CEO of startup BitInstant.

Shrem was indicted in April for unlicensed money transmission. He was accused of conspiring with Robert Faiella, of Florida, "to sell more than $1 million in bitcoins to the users of Silk Road despite knowing that it would be spent on illegal uses like drug trafficking," Reuters said.
The pair were arrested at John F. Kennedy Airport in New York in January.

Shrem is currently on house arrest at his parent's home, but has permission from the court to leave the house between 9 a.m. and 9 p.m. on many weekdays.

Despite the restrictions, Shrem has remained active in his bitcoin ventures since his arrest. He has spoken at industry events, helped hotels in New York prepare to accept cryptocurrency payment, and worked as a Bitcoin consultant, The Wall Street Journal said.

Under his plea, Shrem can still face prison time, but it will bring Shrem less risk as opposed to being convicted at a trial, which was originally scheduled for later this year.

"My life is not ending here. I'm overall happy and satisfied," he told the Journal.