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11/07/2022

Feds announce seizure of $3.36 billion in bitcoin stolen a decade ago from illegal Silk Road marketplace—the second-largest crypto recovery

CNBC

The U.S. Department of Justice announced Monday that it seized about $3.36 billion in stolen bitcoin during a previously unannounced 2021 raid on the residence of James Zhong.

Zhong pleaded guilty Friday to one count of wire fraud, which carries a maximum sentence of 20 years in prison.

U.S. authorities seized about 50,676 bitcoin, then valued at over $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia, on Nov. 9, 2021, the DOJ said. It is the DOJ’s second-largest financial seizure to date, following its seizure of $3.6 billion in allegedly stolen cryptocurrency linked to the 2016 hack of the crypto exchange Bitfinex, which the DOJ announced in February.

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