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Silk Road Hacker Who Once Held Over $3,000,000,000 in BTC Sentenced to Prison by Feds 11 Years Later

Apr 18, 2023 · 1 min read · 38 points
Silk Road Hacker Who Once Held Over $3,000,000,000 in BTC Sentenced to Prison by Feds 11 Years Later
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A hacker once in possession of 50,000 Bitcoin (BTC) stolen from the internet marketplace Silk Road is being sentenced to federal prison.

Highlights

  • James Zhong stole 50,000 Bitcoin (BTC) from internet marketplace Silk Road in 2012.
  • He managed to conceal what he had done and how he obtained his fortune for 10 years.
  • Zhong used a decentralized Bitcoin mixer, an overseas cryptocurrency exchange, and an impressive array of technological tools to frustrate tracing efforts.
  • Authorities obtained a search warrant for Zhong’s house in Georgia in November 2021, nearly 10 years later, they were able to seize about 50,491 BTC, $661,900 in cash, precious metals such as silver bars and gold coins and 25 Casascius coins.
  • The government will be selling the BTC recovered from Zhong, which is now worth over $1 billion.
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