U.S. DOJ seizes a document $3.36 billion value of Bitcoin linked to the darkish net

America Division of Justice (DOJ) has introduced the seizure of a document $3.36 billion value of Bitcoin (BTC) related to the Silk Highway darkish net fraud. 

The seizure involving 50,676 noticed the accused, James Zhong, plead responsible to unlawfully acquiring the cryptocurrency, the DOJ said in a press assertion on November 7. 

Zhong, accused of stealing bitcoin from the Silk Highway market, is alleged to have deployed refined measures to cover the proceeds. 

“This seizure was then the biggest cryptocurrency seizure within the historical past of the U.S. Division of Justice and at this time stays the Division’s second largest monetary seizure ever,” the DOJ stated. 

Cryptocurrency tracing 

In line with Damian Williams, america Lawyer for the Southern District of New York, the crime was dedicated nearly a decade in the past, with the whereabouts of the Bitcoin remaining unknown. Nevertheless, with a search warrant, the federal government seized the belongings from Zhong’s dwelling on November 9, 2021. 

“Due to state-of-the-art cryptocurrency tracing and good old style police work, regulation enforcement situated and recovered this spectacular cache of crime proceeds. This case reveals that we gained’t cease following the cash, regardless of how expertly hidden, even to a circuit board within the backside of a popcorn tin,” stated Williams. 

Following Zhong’s responsible plea to wire fraud fees, the 32-year-old now faces a attainable jail sentence of as much as 20 years. 

Notably, Silk Highway was a web based black market leveraged primarily by drug sellers and different illegal distributors distributing illicit items and companies.