BitInstant Founder's Meteoric Rise and Fall in Bitcoin World
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Charlie Shrem founded BitInstant, a company that enabled people to instantly purchase Bitcoin, and quickly grew it into a multi-million dollar business.
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BitInstant struggled with having enough capital to meet growing demand, until receiving a key $100k investment from Roger Ver.
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The Winklevoss twins eventually invested in BitInstant after Cameron Winklevoss met one of BitInstant's investors.
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BitInstant handled 30% of all Bitcoin transactions at its peak before Shrem was arrested and charged with money laundering.
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After being released on bail, Shrem was forced to live under house arrest with his strict Jewish parents who saw his arrest as divine punishment.