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US Seizes $3.four Billion in Bitcoin Stolen From Silk Highway

By AFP on November 08, 2022

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The US authorities introduced Monday it had seized $3.four billion in bitcoin from an actual property developer who stole the cryptocurrency from the darkish net market Silk Highway a decade in the past.

James Zhong, 32, pleaded responsible Friday to committing wire fraud in September 2012 in the past when he unlawfully obtained greater than 50,000 bitcoin, based on federal prosecutors in New York.

Brokers recovered the digital cash once they raided Zhong’s home in Gainesville, Georgia, in November final yr, the Southern District of New York mentioned in a press release.

They discovered the bitcoin on units hidden in an underground ground secure and on a single-board laptop that was hid underneath blankets in a popcorn tin saved in a toilet closet.

“For nearly ten years, the whereabouts of this huge chunk of lacking bitcoin had ballooned into an over $3.Three billion thriller,” mentioned US Lawyer Damian Williams.

“Due to state-of-the-art cryptocurrency tracing and good old style police work, legislation enforcement situated and recovered this spectacular cache of crime proceeds.”

Prosecutors say Zhong defrauded Silk Highway by triggering fast transactions from roughly 9 nameless accounts that tricked the positioning’s withdrawal-processing system into depositing the bitcoin into his accounts.

He faces as much as 20 years in jail.

Till the FBI shut it down in October 2013, the US authorities known as Silk Highway “probably the most subtle and in depth felony market on the Web,” utilized by distributors in additional than 10 nations in North America and Europe.

In 2015, Ross Ulbricht was sentenced to life in jail after being convicted of masterminding the web site, which offered $200 million in medicine to prospects worldwide.

Ulbricht, who ran Silk Highway underneath the alias “Dread Pirate Roberts” and was accused of commissioning 5 murders at a value of $650,000, was sentenced to 2 life sentences for narcotics distribution and felony enterprise.

The most recent operation marks the Justice Division’s second-largest crypto seizure after the $3.6 billion it recovered in February from a New York couple who allegedly stole 94,000 bitcoin throughout a 2016 hack of the digital forex trade Bitfinex.

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