Winklevoss Twins Ordered to Pay Legal Costs for Shrem Case

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Bitcoin entrepreneurs and Gemini founders Tyler and Cameron Winklevoss have been ordered to pay USD 45,000 in legal costs in an ongoing case from 2013 against convicted BitInstant owner Charlie Shrem.

The payment relates to a lengthy court case in which the Winklevoss twins had instigated an investigation and asset freeze on Shrem concerning money owed to the brothers from a Bitcoin trade deal at the time.

The sum amounting to BTC 5,000 was allegedly not returned to the twins as it should have been; cryptocurrency which the Winklevoss brothers accused Shrem of spending on himself. A judge at the Court of the Southern District of New York has now ruled twice in favor of Shrem in the case over the past three months. As a result, Shrem is to receive around USD 45,000 in legal costs.

Shrem, now best known for his part in a money laundering scheme connected to the Silk Road black market, was sentenced to two years in jail in 2014. The Bitcoin entrepreneur who formerly ran his own Bitcoin exchange BitInstant was forced to resign from the board which oversaw the company at the time.

He pleaded guilty then, allowing users of Silk Road to anonymously exchange cash for Bitcoins, working with a cohort Robert Faiella of Florida. The transactions were fulfilled to the tune of USD 1 million dollars using Shrem’s exchange.

The case between the twins and Shrem over the disputed BTC 5,000 continues.


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