US justice division has seized $3.36Bn value of cryptocurrency

The US Division of Justice (DOJ), has introduced seizure of cryptocurrency value of an enormous $3.36Bn, in what’s being termed as one of many greatest such seizures within the quick historical past of digital currencies. The seizure occurred in November final 12 months. On November 4th this 12 months, James Zhong pled responsible to committing wire fraud in September 2012, having unlawfully obtained over 50,000 Bitcoin from the Silk Highway darkish net.

On November 9, 2021, in an intensive search of Zhong’s Gainesville, Georgia home, legislation enforcement seized roughly 50,676.17851897 Bitcoin, then valued at over $3.36 billion. This seizure was then the biggest cryptocurrency seizure within the historical past of the U.S. Division of Justice and right now stays the Division’s second largest monetary seizure ever.

Silk Highway, as a darkish net black market launched again in 2011 and later uncovered, which was identified to be concerned in a number of cash laundering schemes. These included not simply unlawful occupation of cryptocurrencies, but in addition drug trafficking utilizing crypto, amongst others.

U.S. Legal professional Damian Williams stated: “James Zhong dedicated wire fraud over a decade in the past when he stole roughly 50,000 Bitcoin from Silk Highway. For nearly ten years, the whereabouts of this huge chunk of lacking Bitcoin had ballooned into an over $3.3 billion thriller. Due to state-of-the-art cryptocurrency tracing and good old school police work, legislation enforcement positioned and recovered this spectacular cache of crime proceeds.

Regulation enforcement additionally recovered $661,900 in money, 25 Casascius cash of bitcoin (valued at about 174 bitcoin), an extra 11.116 bitcoin and a handful of silver- and gold-colored bars.

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