Winklevoss Twins Sue Charlie Shrem for 5,000 Bitcoins

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Winklevoss Twins Sue Charlie Shrem For 5,000 Bitcoins

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In the latest development of a long-standing feud between the Winklevoss twins and founding member of the Bitcoin Foundation Charlie Shrem, a newly-unsealed lawsuit reportedly has the former suing Shrem for funds of over BTC 5,000.

Shrem got out of prison in 2016, after pleading guilty in 2014 to selling Bitcoin to people who intended to buy drugs on Silk Road. Shrem was one of the earliest Bitcoin millionaires before becoming one of the earliest Bitcoin felons.

Apparently, Shrem played a critical role in making the Winklevoss twins wealthy. He helped get them interested in the crypto space and they gave him USD 750,000 which he converted to Bitcoin for them. However, there was a payment of USD 250,000 in September 2012 where Shrem only delivered BTC 15,120 worth USD 189,000 at the time. If this is true, then Shrem still owes the twins BTC 5,000. Due to Bitcoin’s price rise, the USD 61,000 of missing Bitcoin has become a much more serious USD 32 million.

The twins believe Shrem used the Bitcoin for himself and say they have hired an investigator who found proof that the missing Bitcoins were sent to Coinbase and Xapo. Further, Shrem owes USD 950,000 of restitution for his court case.

Shrem’s lawyer denies any wrongdoing. Further, in the event of Shrem losing the case, it remains to be seen if the judge orders USD 61,000 to be paid, the fiat discrepancy at the time of the transaction, or the Bitcoin value at the time.

Sources have reported that the overseeing judge seems to have taken the side of the Winklevoss twins for now, agreeing to freeze Shrem’s Xapo and Coinbase wallets.

 

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