Charlie Shrem attends Tribeca Talks: After The Movie: The Rise and Rise Of Bitcoin during the 2014 Tribeca Film Festival at the SVA Theater on April 23, 2014 in New York City.
Astrid Stawiarz—Getty Images
December 22, 2014 12:12 PM EST

A prominent Bitcoin trader was sentenced to two years in prison on Monday for facilitating an illicit exchange of bitcoins for cash through the online marketplace, Silk Road.

Charlie Shrem, a former vice chairman of the Bitcoin Foundation, stood accused of securing roughly $1 million in bitcoins for Robert Failla, a Silk Road user who allegedly helped drug trafficking rings swap the digital currency for cash, the BBC reports.

Shrum’s defense team argued that he was only a Bitcoin enthusiast unwittingly caught up in an illicit trade, but the presiding judge ruled that Shrum was not, “some kid making a one-time mistake,” and the evidence suggested that Shrum “excitedly” supplied a steady stream of Bitcoins to Silk Road’s users. Shrum was also ordered to forfeit $950,000 to U.S. authorities, BBC reports.

Law enforcement officials shut down Silk Road following a 2013 sting operation against its users.

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