According to the statement made by the US Department of Justice, the Dark Web-connected Silk Road marketplace case is worth $ 3.36 billion. to bitcoin confiscated.
US Department of Justice Seizes Over 50,000 Bitcoins
The US Department of Justice announced today that James Zhong was found guilty of electronic fraud by illegally obtaining more than 50,000 Bitcoins from the Silk Road dark web internet market in September 2012. Zhong pleaded guilty before United States District Judge Paul G. Gardephe on Friday, November 4, 2022.
On November 9, 2021, according to a judicially authorized property search warrant at Zhong’s home in Gainesville, Georgia, law enforcement seized approximately 50,676 Bitcoins, worth over $3.36 billion at the time.
This seizure is the largest in the history of the US Department of Justice. cryptocurrency unit was seized.
Government, collectively: approximately 51,680 BTC; Zhong’s 80% stake in RE&D Investments LLC, a Memphis-based company with significant real estate holdings; He confiscated $661,900 in cash seized from Zhong’s home.
US Attorney Damian Williams said:
“James Zhong committed electronic fraud by stealing approximately 50,000 Bitcoins from Silk Road over ten years ago. For almost a decade, the whereabouts of this huge pile of lost BTC worth over $3.3 billion has been a mystery.
Thanks to state-of-the-art cryptocurrency tracking and good old-fashioned police work, law enforcement has located and retrieved this impressive stash of criminal proceeds.
This case demonstrates that we will not stop following money, no matter how artfully concealed, to an electrical panel at the bottom of a popcorn box.”
*Not investment advice.
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