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Gungun Bhatia
Nov 8, 2022
by Gungun Bhatia

US Seizes 50,000 Bitcoins Associated With Silk Road Marketplace

Bitcoins Silk Road

Table of contents

  1. Discovery of Bitcoins in Silk Road Case
Damian Williams, the US Attorney for the Southern District of New York, announced on Monday that investigators recovered 50,676 bitcoins connected to the darknet market Silk Road in November.

At the time of its discovery, bitcoin was worth $3.36 billion. The current valuation is $1.04 billion. It was the highest cryptocurrency confiscation in November, but it has now been exceeded by the 70,000 bitcoins taken in February in connection with a breach of the Bitfinex cryptocurrency exchange.

Discovery of Bitcoins in Silk Road Case

Bitcoins were allegedly discovered in the Silk Road investigation at a Georgian house linked to James Zhong. Additionally, the federal authorities revealed numerous precious metals and $661,900 in cash. According to a statement released by the Justice Department on Monday, Zhong admitted to engaging in wire fraud in 2012.

Between 2011 and 2013, the darknet was home to the illicit Silk Road, a market that mostly accepted bitcoin as payment. The website came to an end once its administrator, Ross Ulbricht, was apprehended. Currently, Ulbricht is serving a double life sentence and 40 years in jail with no chance of release. The Justice Department claims that Zhong tricked the Silk Road payout system into crediting many external wallets with bitcoin by initiating 140 transactions quickly, one after the other.

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US Seizes 50,000 Bitcoins Associated With Silk Road Marketplace
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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