James Zhong will hear his sentence on 22 February 2023 after police seized more than 50,000 Bitcoin from his residence in November 2021.
The US Department of Justice has convicted a hacker who stole 50,000 Bitcoin — valued at $3.3 billion at the time — from the “Silk Road” marketplace on the dark web, Bleeping ComputerJames Shong pleaded guilty to money laundering charges on 4 November 2022 and will hear his sentence on 22 February 2023. The maximum penalty is 20 years imprisonment.“For almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.
He exploited a delay in the market’s transaction system that let him withdraw his own escrow multiple times. Bitcoin split into Bitcoin Cash and Bitcoin SV in 2017, and Zhong received an additional 50,000 Bitcoin Cash which he converted to 3,500 Bitcoin. The DoJ’s announcement revealed more details about the seizure, such as what was found in Zhong’s residence. This includes:
50,491 Bitcoin hidden in two locations — hidden in an underground floor safe and on a single-board computer hidden in a popcorn tin in a bathroom cupboard;Three one-ounce gold bars; andZhong voluntarily handed an additional 825.4 Bitcoin over to authorities in March 2022, followed by another 35.5 Bitcoin in May.
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