The man who stole over 50,000 bitcoins from the Silk Road marketplace has pleaded guilty. According to the U.S. Department of Justice, “the seizure was then the largest cryptocurrency seizure” in the history of the DOJ and “remains the department’s second-largest financial seizure ever.”
Silk Road Exploiter Pleads Guilty
The U.S. Department of Justice (DOJ) announced Monday that James Zhong pleaded guilty on Friday “to committing wire fraud in September 2012 when he unlawfully obtained over 50,000 bitcoin from the Silk Road dark web internet marketplace.” The Justice Department also announced a “historic $3.36 billion cryptocurrency seizure” in connection to the case.
The DOJ explained that law enforcement conducted a search at Zhong’s house in Gainesville, Georgia, on Nov. 9, 2021, and “seized approximately 50,676.17851897 bitcoin, then valued at over $3.36 billion,” elaborating:
This seizure was then the largest cryptocurrency seizure in the history of the U.S
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