US Attorney Damian Williams, the US Southern District of New York, said on Monday that authorities seized 50,676 Bitcoins related to the dark web market Silk Road in November. These Bitcoins were worth $3.36 billion at the time. They are now worth $1.04 billion.
These coins were found at a James Zhong-related address in Georgia . Also found 661,900 US dollars in cash and various precious metals . According to the statement, Zhong pleaded guilty to telecommunications fraud in 2012.
Silk Road is an illegal market on the dark web, which operated between 2011 and 2013 and mainly used Bitcoin as a payment method. The website collapsed after Ross Ulbricht's arrest, and the parties were serving double life sentences and 40 years in prison, and there was no possibility of parole for .
In 2014, the US bailiff auctioned several batches of seized bitcoins. After the auction of 30,000 coins a few months ago, 50,000 coins were sold for US$20 million.
statement said that Zhong manipulated the withdrawal system of the Silk Road and triggered 140 transactions in a rapid and continuous manner, defrauding the system of bitcoin to several external wallets.
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