Department Of Justice Seized Over 50,000 Bitcoin From Silk Road Hack
James Zhong admitted to committing wire fraud in a Manhattan courtroom in 2012 after stealing 50,676 BTC from the Silk Road. The Silk Road was the first significant darknet marketplace where sellers could accept bitcoin in return for sometimes illegal goods.
Through various fictitious accounts, Zhong was able to con the Silk Road payment processor into sending him the Bitcoin.
According to officials, the operation was the second-largest seizure of any sort in DOJ history and was the largest cryptocurrency seizure ever.
The Bitcoin was first taken from Zhong’s residence by authorities on November 9 last year during a raid, along with bars of precious metals and over $600,000 in cash.
A single-board computer that was covered in blankets in a popcorn tin kept in a bathroom closet, as well as a large portion of the Bitcoin, were discovered there. The private keys were recovered in an underground safe.
Zhong’s Bitcoin is currently valued at just over $1 billion due to the market fall during the previous year.
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