They seized 50.676 Bitcoins stolen from Silk Road

Damian Williams, United States Attorney for the Southern District of New York, and Tyler Hatcher, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation, Los Angeles Field Office (“IRS-CI”), announced today that James Zhong pleaded guilty to committing online fraud in September 2012 when he illegally obtained over 50.000 Bitcoins from the Silk Road drug market.


Zhong pleaded guilty on Friday, November 4, 2022, before United States District Judge Paul G. Gardephe.

On November 9, 2021, according to an authorized search warrant at Zhong's home in Gainesville, Georgia, law enforcement authorities seized approximately 50.676,17851897 Bitcoins, then worth more than $3,36 billion. This was then the largest cryptocurrency seizure in the history of the US Department of Justice and today remains the department's second largest financial seizure ever.

The government sought to collectively seize approximately 51.680,32473733 Bitcoins. Zhong owned 80% of RE&D Investments, LLC, a Memphis-based company with significant real estate holdings, $661.900 in cash seized from his home, and various other items.

US Attorney Damian Williams said:

“James Zhong committed online fraud a decade ago when he stole approximately 50.000 Bitcoins from Silk Road. For nearly ten years, the whereabouts of these missing Bitcoins was a mystery worth more than $3,3 billion.”

“With state-of-the-art cryptocurrency tracking and good old fashioned police work, law enforcement has located and recovered this impressive stash of criminal proceeds. This case shows that we will not stop following the money, no matter how well it is hidden on a board at the bottom of a popcorn box.” The Best Technology Site in Greecefgns

Bitcoin, Silk Road

Written by giorgos

George still wonders what he's doing here ...

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