The man who stole over 50,000 bitcoins from SilkRoad has pleaded guilty.’The seizure was then the largest cryptocurrency seizure’ in the history of the DOJ .$BTC crypto
The man who stole over 50,000 bitcoins from Silk Road has pleaded guilty.The seizure ‘was then the largest cryptocurrency seizure.’
Besides theBTCseized at his house, Zhong began “voluntarily surrendering to the government additional bitcoin” beginning in March this year, the DOJ revealed, adding that “In total, Zhong voluntarily surrendered 1,004.14621836 additional bitcoin.”The government is seeking the forfeiture of “approximately 51,680.32473733 bitcoin,” the DOJ noted.
At the time of writing,
is trading at $20,641.28, so the amount sought by the government is about $1.07 billion.Zhong’s Scheme to Defraud Silk Road MarketplaceZhong executed a scheme to defraud the Silk Road marketplace of its money and property in September 2012, the DOJ said, adding that he “was able to withdraw many times more bitcoin out of Silk Road than he had deposited in the first instance.” For example, the Justice Department detailed that on Sept.
19, 2012:
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Silk Road hacker was Bitcoin OG who once tried to bet with ‘Bitcoin Jesus’ Roger VerAt least one wallet associated with the Silk Road hacker was signed by a Bitcoin OG known as “Loaded.” Imagine calling yourself or being called Bitcoin Jesus, I mean what the fuck
IRS Seizes Another Silk Road Hacker’s $3.36 Billion Bitcoin StashA year after a billion-dollar seizure of the dark web market’s crypto, the same agency found a giant trove hidden under a different hacker’s floorboards.
Crypto is a rip yo.
US authorities announce conviction connected to Bitcoin stolen from Silk RoadSpecial agents raided James Zhong’s property in November 2021, finding more than 50,000 BTC in a floor safe and “on a single-board computer that was submerged under blankets in a popcorn tin.’
US authorities seize $3.36 billion in bitcoin from decade-old Silk Road hackThe Department of Justice has seized over 50,000 bitcoin from a hacker who pleaded guilty to illegally obtaining them from Silk Road 10 years ago.Sam is in trouble More like 1 billion That’s a lot of potatoes.
U.S.Government Seizes $3.4 Billion Worth of Bitcoin from Silk Road ScammerThe U.S.government has announced its second-largest cryptocurrency seizure to date followbenetazzo
Feds seized roughly $3.6B worth of Bitcoin in Silk Road fraud caseFederal authorities seized more than $3.36 billion worth of Bitcoin as part of an investigation into fraud involving the Silk Road dark web marketplace, the DOJ announced.
) which he received following the bitcoin blockchain hard fork in August 2017.The launch of BlockFi Yield comes about nine months after the firm said it would work with the SEC on the product following a $100 million fine.Give Your Back a Break With Our Favorite Office Chairs Julian Chokkattu According to an IRS-CI affidavit detailing Zhong’s theft of the 50,000-plus bitcoins from the Silk Road, he appears to have found a vulnerability in that dark-web market that in 2012 allowed him to somehow pull more coins out of accounts he created there than he had deposited.seized the Bitcoin from Zhong’s home in the state of Georgia in November 2021, at which time the total value of the crypto was roughly $3.
He used an overseas cryptocurrency exchange for the conversion.
Besides the BTC seized at his house, Zhong began “voluntarily surrendering to the government additional bitcoin” beginning in March this year, the DOJ revealed, adding that “In total, Zhong voluntarily surrendered 1,004.14621836 additional bitcoin.”In this fashion, [Zhong], using each of the fraud accounts, moved at least approximately 50,000 Bitcoin out of Silk Road in just a few days,” reads the affidavit, which was signed by IRS-CI special agent Trevor McAleenan.” The government is seeking the forfeiture of “approximately 51,680.32473733 bitcoin,” the DOJ noted.“For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.
At the time of writing, is trading at $20,641.Zhong’s case closely mirrors the story of the earlier Silk Road hacker , referred to in court documents only as Individual X, who similarly exploited a vulnerability in the Silk Road to take nearly 70,000 bitcoins from the site and hold them for more than seven years.28, so the amount sought by the government is about $1.07 billion.
Zhong’s Scheme to Defraud Silk Road Marketplace Zhong executed a scheme to defraud the Silk Road marketplace of its money and property in September 2012, the DOJ said, adding that he “was able to withdraw many times more bitcoin out of Silk Road than he had deposited in the first instance.The Silk Road was torn down by a massive law enforcement operation in late 2013, leading to the arrest of Ross Ulbricht, the site’s creator, who was sentenced to life in prison and ordered to pay $183 million in restitution.” For example, the Justice Department detailed that on Sept.” According to the Justice Department, Zhong’s scheme involved creating nine accounts on the marketplace to conceal his identity and triggering more than 140 transactions in short order “to trick Silk Road’s withdrawal-processing system” to send the BTC.
19, 2012: Zhong deposited 500 bitcoin into a Silk Road wallet.Less than five seconds after making the initial deposit, Zhong executed five withdrawals of 500 bitcoin in rapid succession — i.But in an era when IRS-CI cryptocurrency seizures regularly pours billions of dollars into the US Treasury, there seems to be plenty to go around.e., within the same second — resulting in a net gain of 2,000 bitcoin.On Monday, the U.e.
S.government filed an Amended Preliminary Order of Forfeiture in the United States v.Ross Ulbricht case “seeking to forfeit approximately 51,351.89785803 bitcoin traceable to Silk Road, valued at approximately $3,388,817,011.90 at the time of seizure.
” Silk Road’s founder, Ross Ulbricht, was convicted in 2015 and is currently a double life sentence, plus 40 years without parole.U.S.
District Judge Paul Gardephe also entered a Consent Preliminary Order of Forfeiture on Friday for 154.4268793000044 ..
