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- James Zhong, who stole more than 50,000 Bitcoins, has been sentenced.
- The US government has planned what to do with the seized Bitcoins.
A $3.4 billion Bitcoin thief has been sentenced, but what will the US government do with the Silk Road-related seized Bitcoins?
Silk Road Thief’s Sentence Announced!
The US Southern District of New York Attorney’s Office announced the sentence of a person who admitted to fraud charges related to Bitcoin “illegally obtained” from the Silk Road market in 2012.
The US Department of Justice said James Zhong was sentenced to one year and one day in prison on charges of plotting to steal more than 51,680 Bitcoins. The culprit also received a $10,000 fine.
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James Zhong was found guilty of wire fraud charges in November 2022 due to his role in the “illegal” Bitcoin scheme and was awaiting sentencing.
According to US Attorney Damian Williams:
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“Cybercriminals should take note: no matter how sophisticated your scheme, no matter how long it takes, we will follow the money trail and hold you accountable.”
According to Williams, Zhong stole BTC in 2012 and managed to conceal his crime for about 10 years. US officials seized Zhong’s Bitcoin assets from his home in Georgia in November 2021 and found the majority of the cryptocurrency hidden in a floor safe and a popcorn box containing a computer. At the time, it was worth about $3.4 billion.
The Silk Road market, which has been inactive for about 10 years, allowed users to buy and sell illegal goods such as weapons and stolen credit card information, attracting the attention of US officials. The platform’s creator, Ross Ulbricht, was arrested in 2013 for his role and is currently serving a life sentence in prison.
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The US Government Will Sell Bitcoins
The US government announced on March 31, 2023 that it sold 9,800 of the Bitcoins seized in connection with Silk Road on March 14.
In addition, the government said it plans to sell 41,500 more Bitcoins in four parties throughout 2023. The current value of these Bitcoins is over $1.2 billion.
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