Regulation
Feds Score $3 Billion Crypto Seizure From Silk Road Scammer
- Property developer charged for stealing Bitcoin from Silk Road
- James Zhong arrested, pleaded guilty to wire fraud on Nov. 4
Photographer: Angel Garcia/Bloomberg
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Manhattan prosecutors say they seized almost $3.4 billion in Bitcoin from a property developer who scammed the dark web marketplace Silk Road over a decade ago.
In what’s now the second-largest crypto seizure for the Department of Justice, investigators discovered more than 50,000 Bitcoin in the home of Georgia resident James Zhong in a raid carried out in November 2021. Zhong, a 32-year-old computer science graduate, was arrested and pleaded guilty to wire fraud last week.