Jed Rakoff, the judge appointed for the hearing of Winklevoss Lawsuit against the infamous Charlie Shrem, has ruled to end the freeze on Charlie Shrem’s assets, as per the report of Bloomberg on Nov. 8.
Earlier this month, the Winklevoss twins asserted that Shrem took part of their $250,000 investment in his exchange BitInstant for purchasing 5,000 bitcoins, in a case unsealed in the U.S. District Court of New York.
The Winklevosses contend that Shrem utilized the Bitcoin he obtained with their money to furnish a bountiful lifestyle after having served a year in prison. As per the allegations, he spent one year term in prison for helping users of the now-defunct Silk Road marketplace make illegal purchases.
The New York Times quotes the lawsuit as claiming that either Shrem has been exceedingly lucky and successful since leaving prison or within the bounds of possibility, he took possession of his six properties, two powerboats, two Maseratis, and other holdings with the escalated value of the 5,000 Bitcoin he stole.
Shrem allegedly argues that he never owned the bitcoins, He also mentions that they are the property of an unnamed industry member.
The Winklevoss’ lawyer Tyler Meade argued that the freeze on Shrem’s assets should continue, according to Bloomberg. He further claimed that he possessed $12 million dollars in cryptocurrencies, real estate holdings, and other tangible or intangible assets.
While Meade reportedly said that the brothers’ lawyers have sought information on Shrem’s holdings from over 30 institutions, they have only identified a paltry $10 in assets at this time. Per the report, the parties agreed that Shrem could spend up to $50,000 on monthly expenses.
Brian Klein, the aforementioned lawyer of Charlie Shrem, stated that the allegations that Shrem used ill-gotten Bitcoin to buy cars and houses had no basis in fact or law. Bloomberg quotes Klein as commenting that the recent ruling on Shrem’s assets is a first step in the direction of his client’s “absolute exoneration.” A trial has purportedly been planned for June 17, 2019.