Court orders Winklevoss Twins to pay Charlie Shrem’s legal fees

08 Feb, 2019 | Updated: 08 Feb, 2019
by Joeri Cant
Court orders Winklevoss Twins to pay Charlie Shrem’s legal fees

Judge Jed S. Rakoff, in the U.S. District Court of the Southern District of New York, ruled that the Winklevoss Twins should reimburse Charlie Shrem $45,000 in legal fees.

The founding member of the Bitcoin Foundation Charlie Shrem was accused by Tyler and Cameron Winklevoss of stealing 5,000 Bitcoin from them in 2012.

The twins suspect Shrem of spending the Bitcoin that he’s owed them since 2012, which today would be valued at around $17 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 unsealed.

Shrem’s lawyer, Brian Klein, said at the time that 'the lawsuit erroneously alleges that about six years ago Charlie essentially misappropriated thousands of Bitcoins. Nothing could be further from the truth. Charlie plans to vigorously defend himself and quickly clear his name.'

Shrem has always 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.

Read more: Winklevoss lawsuit claims Charlie Shrem stole 5,000 BTC from them in 2012

Now investors Cameron and Tyler Winklevoss have been ordered to pay back Shrem $45,000 in legal fees, after they attempted to seize up to $30 million worth of Shrem's assets.

Shrem had filed a motion to recoup attorney’s fees and related costs to defending the motion after the attempt by the Winklevoss twins to seize Shrem's assets was denied.

Shrem was quick to tweet about it.

According to Coindesk, the Lawyers for Winklevoss Capital had attempted to argue Shrem should not recoup the funds for his costs, as he was only ultimately only charged a 'de minimis amount' of less than $5.

The court rejected the idea that this invalidated Shrem’s claim, even though the judge found the requested damages should be reduced by 40 percent on reviewing the charges.

Shrem’s lawyer, Brian Klein, said that they are glad that the judge ruled for Charlie and ordered WCF to reimburse him for legal fees he incurred in overturning WCF’s approximately $30 million attachment order.

'This is another big step towards his full vindication.'

Read more: Charlie Shrem (and his lawyer) refute the Winklesvoss' claims of stealing BTC

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

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