“For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery.”In this case, the Southern District of New York commented that “Zhong took advantage of the marketplace’s vulnerabilities to execute the hack.” During the press release, the authorities informed that they even found the computer that was hidden deep under the pile of blankets in a popcorn tint in the bathroom closet which has all the stolen crypto.
Feds Seized $3.36 Billion Worth Of Stolen Bitcoin
On this Monday, the U.S Department of Justice (DOJ) announced that they have successfully seized $3.36 Billion worth of Bitcoin which is the result of the unannounced raid. This raid was done in 2021 on the James Zhong residence. James Zhong has pleaded guilty to wire fraud done in 2013 and a sentenced to Jail for a maximum time duration of 20 years. He will be sentenced on 22 February. According to the DOJ in this raid in total 50, 676 Bitcoin were seized which was of a value of $3.36 Billion (right now its value will be$1.05 billion because of the bear market). Agents also found $661,900 in cash, 25 Casascius coins (actual bitcoin), 11.1160005300044 more bitcoin, four one-ounce silver-colored bars, three one-ounce gold-colored bars, four 10-ounce silver-colored bars, and one gold colored coin during the same raid. This raid was done on the house of Zong in Gainesville, Georgia, on Nov. 9, 2021. This raid wasn’t the only raid with such a huge crypto amount, before this we get to see $3.6 Billion worth of crypto raids in February of this year which was of the hack that happened in 2016 on a cryptocurrency exchange called Bitfinex. Authorities gave the details of the incident which told that the Zhong stole this money from an illegal silk road marketplace which was used for illicit purposes of buying and selling drugs with cryptocurrency. This platform was launched in 2011 and the Federal Bureau of Investigation shut it down 2 years later in 2013. The founder of the silk road marketplace, William Ulbricht, is given life imprisonment. According to U.S. Attorney Damian Williams during the press release