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  • 1 Post By Elefant&Castle

50K+ Bitcoin worth USD 3.6B Recovered (2021)

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  1. #1

    Join Date
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    50K+ Bitcoin worth USD 3.6B Recovered (2021)

    Interesting that Silkroad actually had 50K bitcoin and more in its custody (not sure if thats the right word) around the time that they were stolen.

    Special Agent in Charge Tyler Hatcher, of the Internal Revenue Service – Criminal Investigation, said Zhong used a “sophisticated scheme” to steal the bitcoin from Silk Road. According to the press release, in September 2012, Zhong created nine fraudulent accounts on Silk Road, funding each with between 200 and 2,000 bitcoin.

    He then triggered over 140 transactions in rapid succession, which tricked the marketplace’s withdrawal-processing system to release approximately 50,000 bitcoin into his accounts. Zhong then transferred the bitcoin into a variety of wallet addresses all under his control.


    https://www.cnbc.com/2022/11/07/feds...ry-so-far.html

  2. #2

    Worth 3.6b now - not then.

    shri likes this.

  3. #3

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    Don't understand why these idiots stay in USA and don't move to somewhere else.


  4. #4
    Quote Originally Posted by redslert:
    Don't understand why these idiots stay in USA and don't move to somewhere else.
    This guy was staying in Georgia. They raided his home in Georgia to recover the bitcoin.

  5. #5

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    Quote Originally Posted by coolguy88:
    This guy was staying in Georgia. They raided his home in Georgia to recover the bitcoin.
    Georgia as in the state in the US...

    The seizure of 50,000 Bitcoin took place in November 2021 when authorities raided the home of James Zhong, a 32-year-old in Gainesville, Georgia – The value of the seized BTC was $3.36 billion at that time.
    Also...

    As part of his plea agreement, he also signed over his 80% stake in RE&D Investments, LLC, a Memphis-based company with substantial real estate holdings. Court records show that Zhong studied computer science at the University of Georgia before joining the real estate market and starting his own company, RE&D Investments.
    https://www.hackread.com/us-seizes-b...-road-scammer/