United States claims $1 billion in bitcoin stolen from Silk Road

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US is seeking a forfeiture order for more than $1 billion in Bitcoin stolen from the Silk Road online marketplace in 2012, according to federal prosecutors in Manhattan.

During a November 2021 search of James Zhong’s Gainesville, Georgia, home, law enforcement seized 50,000 Bitcoin, the second largest seizure in Department of Justice history. Zhong pled guilty to wire fraud on Friday, tricking Silk Road’s processing system into releasing funds into his accounts. Bitcoin was worth more than $3 billion at the time, but the cryptocurrency has since lost roughly two-thirds of its value. The US government seized Silk Road in 2013, describing the underground website as a massive illegal drug- and money-laundering marketplace.

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United States claims $1 billion in bitcoin stolen from Silk Road

US is seeking a forfeiture order for more than $1 billion in Bitcoin stolen from the Silk Road online marketplace in 2012, according to federal prosecutors in Manhattan.

During a November 2021 search of James Zhong’s Gainesville, Georgia, home, law enforcement seized 50,000 Bitcoin, the second largest seizure in Department of Justice history. Zhong pled guilty to wire fraud on Friday, tricking Silk Road’s processing system into releasing funds into his accounts. Bitcoin was worth more than $3 billion at the time, but the cryptocurrency has since lost roughly two-thirds of its value. The US government seized Silk Road in 2013, describing the underground website as a massive illegal drug- and money-laundering marketplace.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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