A Georgia citizen has been sentenced to one year behind bars following a $3.4 billion Bitcoin burglary, the U.S. Attorney’s Office Southern District of New York announced April 14.
Zhong swiped billions in BTC in 2012
The authorities said that James Zhong initially dedicated cord scams versus Silk Road in 2012.
Through that activity, Zhong took over 51,680 BTC from the darknet market marketplace. That quantity was worth $3.4 billion in 2012 and is worth $1.57 billion at present.Zhong originally created several Silk Road accounts and also moneyed those accounts with a lower quantity of Bitcoin. He then quickly implemented over 140 deals in order to require the system to launch Bitcoin to his accounts.Zhong then transferred the taken Bitcoin to several addresses in order to hide his possession of the funds. He also utilized Bitcoin mixers to impede monitoring attempts.He did not make use of
the Silk Road market to purchase or offer things throughout the attack.Zhong later on benefited from the Bitcoin Cash hard fork in 2017, which provided him with added funds. He traded every one of the Bitcoin Cash for Bitcoin.Zhong hid proceeds for greater than 10 years Zhong concealed his actions for over a decade, and also police did not recoup the majority of the swiped Bitcoin up until a search of Zhong’s residence in November 2021. Zhong concealed his profits in a floor secure as well as in a single-board computer system hidden under blankets as well as in a Cheetos snacks tin. Enforcement agents likewise recuperated different other products of worth, including cash money, rare-earth elements, and Casascius physical bitcoins.Zhong began to surrender obscure Bitcoin in March 2022. The case is just among several current cryptocurrency-related actions from the DOJ. The agency has actually dealt with situations related to diverse scams,
an additional Silk Road situation, a Bitfinex burglary, and people connected to the
OneCoin scam. Posted In: Crime, Featured Recent DOJ Stories
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