US seizes 50,000 Bitcoins related to Silk Road case

US seizes 50,000 Bitcoins related to Silk Road case

 79 total views

2022-11-11 07:22:51

The US government announced it had taken over a huge Bitcoin vault related to the Silk Road “black market” case that was dismantled 10 years ago.

The volume of 50,000 Bitcoins related to the Silk Road case has been confiscated by the US

On the evening of November 7, the US Department of Justice announced that it had confiscated 50,076 Bitcoins hidden by James Zhong, a suspect linked to the Silk Road “black market” in 2012.

According to the published information, the above money was confiscated in November 2021, the time when Bitcoin reached its ATH peak. Therefore, the value of the Bitcoin vault at that time amounted to more than 3.36 billion USD. The US Department of Justice claims this is the largest asset seizure in history as of November 2021.

As of now, the value of this asset is in second place – after the seizure of $3.6 billion from the Bitfinex hack in early 2022. In terms of Bitcoin’s current value, the amount The other 50,076 BTC is only worth $1.036 billion.

The alleged perpetrator of stealing Bitcoins from Silk Road is James Zhong. He kept it a secret for more than 10 years. After a long investigation, the police finally tracked down this person. Then conducted a raid on Zhong’s house in the state of Georgia to successfully confiscate all the other Bitcoins.

In March 2022, James Zhong decided to surrender to the authorities and pleaded guilty to assaulting Silk Road in the trial on November 4, 2022. This person also handed over another 1,104 BTC. He is facing a sentence of up to 20 years.

It is not clear what the US government will do with the above 50,076 BTC. If they decide to auction these Bitcoins, it will be a huge dump, affecting the market.

#seizes #Bitcoins #related #Silk #Road #case

Leave a Reply

Your email address will not be published. Required fields are marked *