Silk Road Mastermind Gets 1 Year Sentence for $3.4B Bitcoin Heist
Bitcoin News

Silk Road Mastermind Gets 1 Year Sentence for $3.4B Bitcoin Heist

written by John Murphy | April 15, 2023

Recently, New York’s Southern District U.S. Office of Attorney announced the snatching of a person guilty in charge of wire fraud in 2012. This fraud is related to the bitcoin that id obtained unlawfully from the marketplace’s silk road.

Key Takeaways:

  • James Zhong was sentenced to one year for stealing 51,680 BTC from the Silk Road marketplace.
  • A stolen BTC worth $3.4B was found hidden in a popcorn tin and floor safe.
  • US Attorney’s office sends messages to cybercriminals about tracking stolen money.
  • Silk Road shut down in 2013 after the creator’s arrest for facilitating illegal product sales.
  • The seizure of Zhong’s Bitcoin holdings highlights law enforcement’s commitment to recovering stolen cryptocurrency.

According to the announcement of 14 April, the Justice Department of the United States stated that James Zhong was prisoned for 1 year and 1 day. His sentence is because he executed the Bitcoin stolen scheme of 51,680 BTC. In November 2022, James Zhong felt guilty and waited for the judgment.

BNBTC Crypto ALERTS announced on Twitter that the person behind the theft of Silk Road bitcoin worth $3.4 billion is guilty but has been sentenced to 1 year.

Moreover, a U.S. attorney, Damian Williams, stated that cybercriminals should pay attention to this message and that we will find money no matter how much you are experienced and how long it takes. We accuse you of this.

Additionally, in 2012 James Zhong stole Bitcoin and kept it secret for 10 years before his sentence, as stated by William.

In November 2021, bitcoin holdings were grabbed by the United States authorities at the home of James Zhong in Georgia state. They found Bitcoin crypto from a hidden computer in a popcorn tin and floor Safe. At that time, the worth of crypto of $3.4 billion.

Rachel Scharf announced on Twitter that James Zhong had been sentenced for stealing BTC. The Bitcoin crypto is found in his home.

However, the U.S. paid attention that for 10 years silk road marketplace was unusable. The stolen products like weapons and credit card information are sold and bought at the silk road marketplace. In 2013, Ross Ulbricht, a creator of the silk road, was arrested. Currently, he is in jail.