America Lawyer’s Workplace for the Southern District of New York has introduced the sentencing for a person who pleaded responsible to wire fraud costs related to “unlawfully obtained” Bitcoin from the Silk Highway market in 2012.
In an April 14 announcement, the U.S. Justice Division mentioned James Zhong was sentenced to at least one 12 months and someday in jail for costs associated to executing a scheme to steal greater than 51,680 Bitcoin (BTC). Zhong pleaded responsible to the costs in November 2022 and had been awaiting sentencing.
“Cyber-criminals ought to heed this message: we are going to observe the cash and maintain you accountable, irrespective of how refined your scheme and irrespective of how lengthy it takes,” mentioned U.S. Lawyer Damian Williams.
In response to Williams, Zhong stole the BTC in 2012 and managed to hide his crime for roughly 10 years earlier than dealing with costs. U.S. authorities seized the Bitcoin holdings from Zhong’s house within the state of Georgia in November 2021, discovering the majority of the crypto in a flooring protected and a pc hid in a popcorn tin. The cash have been value roughly $3.4 billion on the time.
Within the U.S. Lawyer’s sentencing memo for Silk Highway Bitcoin stealer James Zhong: investigators seized prison proceeds from “a single-board pc that was submerged beneath blankets in a popcorn tin saved in a toilet closet.” (Sentencing is as we speak at 3 pm). pic.twitter.com/7aamQryQ6B
— Rachel Scharf (@rscharf_) April 14, 2023
Associated: US authorities plans to promote 41K Bitcoin related to Silk Highway
The Silk Highway market, defunct for roughly 10 years, allowed customers to purchase and promote illicit items similar to weapons and stolen bank card data, drawing the eye of U.S. authorities. The creator of the platform, Ross Ulbricht, was arrested for his function in 2013 and is presently serving two life sentences with out the opportunity of parole.
Journal: US enforcement companies are turning up the warmth on crypto-related crime
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