The US Legal professional’s Workplace for the Southern District of New York has introduced the sentencing of a person convicted of wire fraud fees linked to “illegally obtained” bitcoins from the Silk Highway Market in 2012.
In an April 14 announcement, the US Justice Division stated that James Zhong was sentenced to at least one yr and in the future in jail for finishing up a scheme to steal greater than 51,680 bitcoins (BTC). Zhong pleaded responsible to the fees in November 2022 and is awaiting sentencing.
The US “Cyber-criminals ought to heed this message: We are going to observe the cash and maintain you accountable, regardless of how subtle your scheme and the way lengthy it takes,” stated lawyer Damian Williams.
In keeping with Williams, Zhong stole BTC in 2012 and managed to cover his crime for practically 10 years earlier than dealing with fees. US authorities seized bitcoin holdings from Zhong’s residence within the state of Georgia in November 2021, discovering a big chunk of the crypto in a ground protected and a pc hidden in a popcorn tin. On the time the cash have been value roughly $3.4 billion.
Within the US lawyer’s sentencing memo for Silk Highway bitcoin thief James Zhong: Investigators “seized felony proceedings from a single-board laptop submerged underneath a blanket in a popcorn tin saved in a rest room closet.” (The sentence shall be pronounced at 3 pm at the moment). pic.twitter.com/7aamQryQ6B
— Rachel Scharf (@rscharf_) April 14, 2023
Associated: US Authorities Plans to Promote 41K Bitcoins Linked to Silk Highway
The Silk Highway market, closed for practically 10 years, allowed customers to purchase and promote unlawful items comparable to weapons and stolen bank card info, drawing the eye of US authorities. The platform’s creator, Ross Ulbricht, was arrested for his position in 2013 and is at present serving two life sentences with out the potential for parole.
Periodicals: US enforcement companies are turning up the warmth on crypto-related crimes
