Courts favor Charlie Shrem in case against Winklevoss twins

10 Nov, 2018
by Joeri Cant
News
Courts favor Charlie Shrem in case against Winklevoss twins

According to a court document, Charlie Shrem, founding member and former Vice Chairman of the Bitcoin Foundation and convicted felon, won his first battle in an ongoing lawsuit filed against him by the Winklevoss twins.

The Winklevoss twins suspect Shrem of spending the Bitcoin that he’s owed them since 2012, which today would be valued at around $32 million.

'Either Shrem has been incredibly lucky and successful since leaving prison, or, more likely, he acquired his six properties, two Maseratis, two powerboats and other holdings with the appreciated value of the 5,000 Bitcoin he stole from the Winklevoss twins in 2012', the lawsuit states.

Shrem denied the accusations and explained his current wealth by alleging that the money he has built up since his one year in prison is a result of good old fashioned hard work.

'After I was released from prison, I had a net worth of less than $100,000 and worked for approximately six months at a restaurant in Pennsylvania', he said.

Shrem further claims that the 5000 BTC actually belonged to another individual, and was kept in a cold storage wallet to which he had no access to.

Now, rather surprisingly, the federal Judge Jed Rakoff, of the U.S. District Court for the Southern District of New York, ruled that a $30 million attachment initially granted against Shrem was to be lifted.

'After careful consideration, the Court denies plaintiff's motion to confirm the order of attachment and therefore lifts the attachment currently in place, effective immediately. An opinion explaining the reasons for this ruling will issue in due course', Judge Rakoff wrote.

Brian Klein, Shrem’s lawyer, said that he was very pleased the ruling in Charlie’s favor, and by dissolving the $30 million plus attachment order, after he heard extensive argument from both sides earlier today.

'This is an important first step towards his complete vindication.'

The case is ongoing, and will have an official trial by jury on April 8, 2019.

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Read more about: Tyler Winklevoss

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