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Bitcoin Group Says Shrem Quit Board After Arrest

Charlie Shrem quit the board of the Bitcoin Foundation after he was charged with conspiring to launder $1 million in the virtual currency, the latest allegations tied to the illicit online bazaar Silk Road.

Shrem, the chief executive officer of exchange company BitInstant, submitted his resignation from the board of the foundation effective immediately, Jinyoung Lee Englund, a spokeswoman for the group, said today in a blog post. Shrem, a prominent evangelist for Bitcoin, had been vice chairman of the foundation.