The federal government has arrested Charlie Shrem, one of the biggest names in the bitcoin community. Charlie Shrem is accused of using the cryptocurrency for alleged criminal activity.

He and co-defendant Robert M. Faiella (BTCKing) are accused of selling more than $1 million worth of bitcoins to people attempting to buy and sell illegal drugs on the Silk Road website, which the FBI took down few months back.

Faiella a.k.a BTCKing would receive Bitcoin orders and then proceeded them through the “Company,” a New York-based exchange platform where he could buy Bitcoin anonymously for direct cash without providing any identity info.


 Charlie Shrem was the man behind the “company,” He is also CEO of BitInstant, a platform for the Bitcoin exchanges, and a well-known Bitcoin evangelist in New York City.

Interesting thing is The famous twins, Winklevosses brothers are big investors in the BitInstant. The criminal case arrives at an uncomfortable time for the Winklevosses brothers. They too are set to testify Tuesday at the hearings.

The Winklevosses are perhaps best known for their tussle with Facebook Founder and CEO Mark Zuckerberg over "who really founded Facebook". However, they recently came out as major Bitcoin supporters and created a trust to begin publicly Bitcoins trades.
                                   Bitcoin is certainly best cryptocurrency with great features as micro payments, money transferring without any fee's or charges and the great exchange rate but use of the currency should be for good purpose. This arrest is warning for the peoples who use the popular cryptocurrency  for illegal business and criminal activities.  

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