Law enforcement had previously confiscated $3.36 billion worth of bitcoin stolen from Silk Road. At the current exchange rate, this cryptocurrency is worth about $1 billion.

what is known

• Silk Road was shut down by US authorities in 2013. So far, the platform has offered its users a wide variety of illegal goods and services, from drugs and viruses to contract killings. Silk Road’s president, Ross Ulbricht, was arrested in 2015 and sentenced to life imprisonment, which is currently enforced in the United States.
• In September 2012, James Jun created nine accounts on Silk Road where he deposited between 200 and 2,000 bitcoins. He then initiated more than 140 high-speed transactions to cheat Silk Road’s withdrawal processing system and transfer around 50,000 bitcoins to their account.

For example, on September 19, 2012, Zhong deposited 500 bitcoins into his Silk Road wallet. Less than five seconds after the first deposit, he made five withdrawals of 500 bitcoins in a row – that is, in one second – for a net profit of 2,000 bitcoins.
– tell the detectives.

Zhong tried to cover his tracks by moving the funds to different wallets, and with a few more manipulations, he increased his “capital” to 53,500 bitcoins. However, it did not help him. In November last year, June was arrested and all the loot was taken. A large number of cash, silver and gold ingots and coins were also found in the house.

what is it now

Zhong will be sentenced on February 22, 2023. According to the current charges, he faces up to 20 years in prison.