On Monday (November 7) the US Department of Justice released a statement claiming it had seized $ 3.36 billion worth of spied on bitcoins. During a 2021 raid on James Zhong’s home, Zhong spied on bitcoins from Silk Road, an illegal cryptocurrency exchange platform.
The US Department of Justice has seized $ 50,676 worth of bitcoin from Mr. Zhong, worth about $ 3.36 billion. During a November 9, 2021 raid on his home in Gainesville, Georgia, it was the second largest seizure of financial assets by the United States Department of Justice. After confiscating $ 3.6 billion worth of cryptocurrencies stolen from Bitfinex in 2016.
The Ministry of Justice said Mr. Zhong stole bitcoin from the Silk Road platform. It is a black market where drugs and illicit goods are traded using cryptocurrencies. Silkroad was founded in 2011, but the Federal Bureau of Investigation (FBI) closed the platform in 2013 and Silk Road founder Ross William Ulbricht was sentenced to life in prison.
“For nearly a decade, bitcoins in the system have mysteriously spied over $ 3.3 billion,” US Attorney General Damian Williams told reporters.
Taylor Hatcher, special inspector of the IRS Criminal Investigation Agency (IRS), said Zhong used a sophisticated mechanism to steal bitcoin from the Silk Road platform. He created nine fake accounts on the Silkroad platform. He was able to collect between 200 and 2000 bitcoins from each account, so he was able to successfully use these coins to complete 140 transactions in no time. Before using this platform’s withdrawal system scam Until the system transferred around 50,000 bitcoins to his account, and then Mr. Zhong transferred these bitcoins to many different wallets that he controlled.
For information that the public is aware of. Mr. Zhong is the president and CEO of JZ Capical, a company he founded and registered in Georgia in 2014. The profile Mr. Zhong states on his LinkedIn profile is: He is an investment businessman and venture capital, but also identifies as a large and competent Bitcoin investor. and have experience in software development
