Crypto Stories: Charlie Shrem tells how he became a Bitcoin millionaire
Shrem made a fortune off his Bitcoin payment service, BitInstant, but then went to prison for alleged money laundering. Charlie Shrem went from running a small online business to becoming a Bitcoin millionaire and making the cover of Forbes magazine. And then, he went to prison. In the latest episode of Cointelegraph’s Crypto Stories , Shrem tells the story of how he founded BitInstant, grew it into a multimillion-dollar Bitcoin empire, an then was arrested for his role in it. Shrem’s first business was an e-commerce site that only charged $5 shipping per item. The idea was his cousin’s, but Shrem used his coding skills to create the actual site. The business sold lights, toothbrushes, razors, and other assorted items. In his free time, Shrem hung out on online message boards. That’s where he found out about Bitcoin. At the time, the only way to buy Bitcoin was to wire transfer large amounts of funds to Mt. Gox, and it took a week for the deposit to clear within the banking system. ...