Federal authorities seized more than $3.36 billion worth of Bitcoin as part of an investigation into fraud involving the Silk Road dark web marketplace, the DOJ announced.
Silk Road was an illegal dark web marketplace that operated between 2011 and 2013 and ultimately collapsedZhong was able to manipulate Silk Road's payment system by triggering more than 140 transactions "in rapid succession" and successfully tricking it into releasing about 50,000 Bitcoin, according toThe IRS had been investigating the location of approximately 53,500 Bitcoin since 2019. The Bitcoin was still owed to the federal government as part of Ulbricht's conviction.
IRS agents discovered the Bitcoin in an underground floor safe and on a "single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet" at Zhong's home in Gainesville, Georgia. After the original seizure, Zhong has willingly forfeited roughly 1,000 additional Bitcoin since March.Zhong has pled guilty to one count of wire fraud, which carries a maximum sentence of 20 years. He is scheduled to be sentenced on Feb. 22.
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