Tuesday, November 8, 2022

DoJ announce $3.36b cryptocurrency seizure, conviction

James 'Jimmy' Zhong, 32, pled guilty November 4, 2022 to committing wire fraud when he stole over 50,000 Bitcoin from the Silk Road dark web internet marketplace. On November 9, 2021, a search warrant of Zhong’s Gainesville, Georgia, home resulted in the seizure of 50,676.1785 Bitcoin, then valued at over $3.36b.
Cops found devices storing bitcoin in an underground floor safe and under blankets in a popcorn tin stashed in Zhong's bathroom closet. It is the largest cryptocurrency seizure in U.S. history.
Cops recovered over $800k in cash, tokens, and precious metals. Zhong was the CEO of self-created, JZ Capital LLC, which he registered in Georgia in 2014.

Zhong is looking at 20 years in jail when he is sentenced in February.
See ----->Here