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Person behind $3.4 billion Bitcoin theft on Silk Road sentenced to 1 year in prison

Published on

April 14, 2023
Read Time:1 Minute, 40 Second

The US Legal professional's Workplace for the Southern District of New York has introduced the sentencing of a person who has pleaded responsible to fees of fraud associated to "illegitimate" Bitcoin switch from the Silk Highway market in 2012.

In an April 14 announcement, the US Division of Justice called James Zhong has been sentenced to a yr and a day in jail on fees associated to finishing up a plan to steal greater than 51,680 Bitcoin (BTC). Zhong pleaded responsible to the costs in November 2022 and had been awaiting sentencing.

"Cyber ​​criminals ought to heed this message: we'll pursue the cash and maintain you accountable, irrespective of how refined your plan and the way lengthy it takes," stated US Legal professional Damian Williams.

In line with Williams, Zhong stole the BTC in 2012 and managed to cover his crime for about 10 years earlier than being charged. US authorities seized Bitcoin holdings from Zhong's Georgia dwelling in November 2021 and located a lot of the crypto in a flooring protected and a pc hidden in a popcorn can. The cash have been price round $3.4 billion on the time.

Within the US Legal professional's Observe for Silk Highway bitcoin thief James Zhong: Investigators seized legal proceeds from "a single-board pc submerged underneath blankets in a popcorn can saved in a rest room cupboard." (Sentencing is at the moment at 3 p.m.). pic.twitter.com/7aamQryQ6B

— Rachel Scharf (@rhart_) April 14, 2023

Associated: The US authorities plans to promote 41,000 Bitcoin linked to Silk Highway

The Silk Highway market, which ceased to exist about 10 years in the past, allowed customers to purchase and promote unlawful items resembling weapons and stolen bank card info, drawing the eye of US authorities. The platform's creator, Ross Ulbricht, was arrested for his function in 2013 and is at the moment serving two life sentences with no risk of parole.

Journal: US regulation enforcement businesses are heating up crypto-related crime



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 14, 2023
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