Silk Road Hacker Sentenced For One Year and One Day In Prison For Wire Fraud
As part of the investigation, the Government has obtained final orders of forfeiture for, among other items, 51,680 BTC, valued at over $3.4 billion at the time of seizure and over $1.57 billion today.
- James Zhong was sentenced to one year and one day in prison for committing wire fraud in September 2012 when he unlawfully obtained approximately 50,000 Bitcoin from the Silk Road marketplace.
- “Back in 2012, James Zhong committed wire fraud by stealing 50,000 Bitcoin from Silk Road, and for the next 10 years, he managed to conceal what he had done and how he obtained his fortune."
- "Zhong used a decentralized Bitcoin mixer, an overseas cryptocurrency exchange, and an impressive array of technological tools to frustrate tracing efforts."
- US Goverment has already started liquidating Zhong's Bitcoin and plans to sell the remaining 41,490 BTC this year.