The Justice Department announced that James Zhong has pled guilty to stealing over 50,000 bitcoin from the Silk Road dark web in 2012 and confirmed the agency seized $3.36 billion in cryptocurrency from the suspect in 2021. According to a statement, the seizure was the largest cryptocurrency seizure in U.S. history at the time.
“James Zhong committed wire fraud over a decade ago," said U.S. Attorney Damian Williams. "Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds," adding, "We won’t stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin.”
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